$SHELL The two levels marked in the previous post were both tested over these four hours: the low was 0.02973, 6.1% below 0.03165. Volume also picked up: 136 million coins in this stretch, versus 81.61 million in the previous four hours, up 66.9%. The two conditions for the next leg down appeared at the same time.
But the close didn’t stay below. After sweeping the low, the price recovered to 0.03435, closing above 0.03411 by 0.7% and reclaiming the breakdown level mentioned in the previous post.
Funding costs, though, moved in the opposite direction. From -0.0062% to -0.0604%, the negative rate widened by about 10 times—the deepest reading in this tracking series. The price recovered, but funding costs didn’t.
I read this as a sweep lower followed by a recovery: the breakdown level from the previous post no longer counts, but this still isn’t confirmation of a reversal to strength. For a real breakout, the price needs to hold above 0.03411 while the rate moves back toward zero. If 0.02973 breaks again and the price closes below it, then this level shifts to the other side.
#MarketAnalysis
But the close didn’t stay below. After sweeping the low, the price recovered to 0.03435, closing above 0.03411 by 0.7% and reclaiming the breakdown level mentioned in the previous post.
Funding costs, though, moved in the opposite direction. From -0.0062% to -0.0604%, the negative rate widened by about 10 times—the deepest reading in this tracking series. The price recovered, but funding costs didn’t.
I read this as a sweep lower followed by a recovery: the breakdown level from the previous post no longer counts, but this still isn’t confirmation of a reversal to strength. For a real breakout, the price needs to hold above 0.03411 while the rate moves back toward zero. If 0.02973 breaks again and the price closes below it, then this level shifts to the other side.
#MarketAnalysis
