$SHELL gained 25.63% in the final hour, with a 24-hour gain of 121.95%. The current price is 0.04288, just 1.2% below the four-hour high of 0.0434.
The full four-hour candle rose from 0.02262 to 0.0434, spanning a 91.9% range. It closed at 0.04289, almost right at the high—not the kind of candle that spikes up and then drops all the way back down.
The derivatives side is much quieter. The funding rate is 0.005%, barely above zero; the mark price is 0.042855 versus spot at 0.04288—essentially the same price. The price has more than doubled, but derivatives show no premium, so this move looks more like spot leading the way.
The 24-hour trading volume is 13.5 million USDT, which isn't particularly deep. A 25.63% move in one hour could just as easily be given back in that same hour, so I wouldn't read this candle as confirmation.
For another leg up, it needs to close above 0.0434 and hold there, while the funding rate moves away from zero. If it first breaks below the 0.03411 low of this one-hour candle, the final hour's gains will have been given back; below that is the four-hour low of 0.02262.
#MarketHotTopics
The full four-hour candle rose from 0.02262 to 0.0434, spanning a 91.9% range. It closed at 0.04289, almost right at the high—not the kind of candle that spikes up and then drops all the way back down.
The derivatives side is much quieter. The funding rate is 0.005%, barely above zero; the mark price is 0.042855 versus spot at 0.04288—essentially the same price. The price has more than doubled, but derivatives show no premium, so this move looks more like spot leading the way.
The 24-hour trading volume is 13.5 million USDT, which isn't particularly deep. A 25.63% move in one hour could just as easily be given back in that same hour, so I wouldn't read this candle as confirmation.
For another leg up, it needs to close above 0.0434 and hold there, while the funding rate moves away from zero. If it first breaks below the 0.03411 low of this one-hour candle, the final hour's gains will have been given back; below that is the four-hour low of 0.02262.
#MarketHotTopics
