$INIT In my previous post, I marked 0.12264 as the line where a further break would flip things to the other side. This four-hour candle really did break it: the low was 0.11729, 4.4% below that line, and it closed at 0.11948, still below it.
But the break was thin. 24-hour trading volume was 20.49 million USDT, down 16.4% from 24.51 million in the previous post; this four-hour candle traded 15.11 million tokens, also down 16.5% from 18.09 million in the previous candle. Price moved lower again, while volume shrank.
Funding costs did not confirm this new low. The rate eased from -0.0596% to -0.0535%. It is still negative, but during these four hours, as price made a new low, it did not move further into negative territory. The mark price at 0.11790 is also still about 1.5% below the current price of 0.11965.
Don't misread the 24-hour figure of -20.66%—the comparison period is rolling.
I read this as a confirmed break of the line, but not a confirmed move. The next reading is whether volume expands if 0.11729 breaks again. A close back above 0.12264 would completely undo this breakdown.
#MarketAnalysis
But the break was thin. 24-hour trading volume was 20.49 million USDT, down 16.4% from 24.51 million in the previous post; this four-hour candle traded 15.11 million tokens, also down 16.5% from 18.09 million in the previous candle. Price moved lower again, while volume shrank.
Funding costs did not confirm this new low. The rate eased from -0.0596% to -0.0535%. It is still negative, but during these four hours, as price made a new low, it did not move further into negative territory. The mark price at 0.11790 is also still about 1.5% below the current price of 0.11965.
Don't misread the 24-hour figure of -20.66%—the comparison period is rolling.
I read this as a confirmed break of the line, but not a confirmed move. The next reading is whether volume expands if 0.11729 breaks again. A close back above 0.12264 would completely undo this breakdown.
#MarketAnalysis
