$ONE This 4-hour candle is up +21.11%, closing at 0.001738 with a high of 0.001756; the final hour alone gained +12.13%. But the current price is still 8.19% below where it was at the time of the previous post—this 21% bounce came from a lower level.
It also never reached the 0.001786 level marked in the previous post. The candle’s high was 1.68% short of that line, and it closed below it. The bounce is there, but the price hasn’t reclaimed the level.
The futures market hasn’t turned around with it. The funding rate is -0.3074%, compared with -0.0966% in the previous post, moving further into negative territory; the mark price is 1.95% below spot. Spot has bounced 20%, but futures prices are still lagging below.
With 24-hour trading volume at 8.13 million USDT, I wouldn’t read a bounce of this size over four hours as a trend reversal. It looks more like a recovery from the lows, not yet confirmed by the futures market.
For this move to show it has really taken hold, price first needs to close above 0.001786 and hold there. If it breaks below this 4-hour candle’s low of 0.001424, the entire 23.3% move will have been given back. Keep the reverse scenario in mind too: if it can gain 12.13% in an hour, it can give the move back in that same hour.
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It also never reached the 0.001786 level marked in the previous post. The candle’s high was 1.68% short of that line, and it closed below it. The bounce is there, but the price hasn’t reclaimed the level.
The futures market hasn’t turned around with it. The funding rate is -0.3074%, compared with -0.0966% in the previous post, moving further into negative territory; the mark price is 1.95% below spot. Spot has bounced 20%, but futures prices are still lagging below.
With 24-hour trading volume at 8.13 million USDT, I wouldn’t read a bounce of this size over four hours as a trend reversal. It looks more like a recovery from the lows, not yet confirmed by the futures market.
For this move to show it has really taken hold, price first needs to close above 0.001786 and hold there. If it breaks below this 4-hour candle’s low of 0.001424, the entire 23.3% move will have been given back. Keep the reverse scenario in mind too: if it can gain 12.13% in an hour, it can give the move back in that same hour.
#MarketAnalysis
