$KGEN The 10 p.m. hourly candle last night had a trading volume of just 70,000 U. The 7 a.m. candle this morning had 7.86 million U.
I broke down the data from overnight. Put three things together, and the conclusion is clear.
First, volume really did surge. The daily candle from 8 a.m. yesterday to 8 a.m. this morning saw 30.7 million U in trading volume, compared with just 1.1 million to 2.5 million U per day over the previous two weeks—more than a tenfold increase. The price climbed steadily from 0.0660 to 0.0937. On the hourly chart, it moved up in steps, rather than spiking on a single candle and then crashing back down.
Second, open interest rose in step with the price. At 11 p.m. last night, there were 39.9 million contracts worth 2.8 million U. By 8 a.m. this morning, that had risen to 62 million contracts worth 5.57 million U—a 55% increase in contract count. That’s new money opening positions, not a fake breakout driven by short covering.
Third, no one is rushing in with high leverage. The funding rate is still at +0.005%, as usual. Across the market, the long-account ratio was 70.6% at 7 a.m. At 8 a.m., even as the price hit a new high, it fell to 68.8%. Some people are taking profits at the new high; positions are changing hands, and the market isn’t getting more crowded.
The price level matters, too. The closing price on October 28 was 0.0948. The next day, it plunged to 0.0785, then spent the following two weeks forming a base between 0.06 and 0.07. Now the price is around 0.093, back at the doorstep of where the sell-off began.
I’m bullish. The low of 0.0852 on this morning’s 8 a.m. 15-minute candle is my line in the sand; I’ll exit if it breaks below that. If price gets above 0.0948, I’ll first look to the October 28 high of 0.1029, then to 0.1124 from October 24.
Do you think price can break through 0.0948 in one go today, or will it need to retest first?
#KGEN #山寨币 #合约数据 #BinanceFutures
I broke down the data from overnight. Put three things together, and the conclusion is clear.
First, volume really did surge. The daily candle from 8 a.m. yesterday to 8 a.m. this morning saw 30.7 million U in trading volume, compared with just 1.1 million to 2.5 million U per day over the previous two weeks—more than a tenfold increase. The price climbed steadily from 0.0660 to 0.0937. On the hourly chart, it moved up in steps, rather than spiking on a single candle and then crashing back down.
Second, open interest rose in step with the price. At 11 p.m. last night, there were 39.9 million contracts worth 2.8 million U. By 8 a.m. this morning, that had risen to 62 million contracts worth 5.57 million U—a 55% increase in contract count. That’s new money opening positions, not a fake breakout driven by short covering.
Third, no one is rushing in with high leverage. The funding rate is still at +0.005%, as usual. Across the market, the long-account ratio was 70.6% at 7 a.m. At 8 a.m., even as the price hit a new high, it fell to 68.8%. Some people are taking profits at the new high; positions are changing hands, and the market isn’t getting more crowded.
The price level matters, too. The closing price on October 28 was 0.0948. The next day, it plunged to 0.0785, then spent the following two weeks forming a base between 0.06 and 0.07. Now the price is around 0.093, back at the doorstep of where the sell-off began.
I’m bullish. The low of 0.0852 on this morning’s 8 a.m. 15-minute candle is my line in the sand; I’ll exit if it breaks below that. If price gets above 0.0948, I’ll first look to the October 28 high of 0.1029, then to 0.1124 from October 24.
Do you think price can break through 0.0948 in one go today, or will it need to retest first?
#KGEN #山寨币 #合约数据 #BinanceFutures
