$ON down to $0.168 within 24 hours. A close above $0.215 and I'm wrong.
One hour, one wick: $ON jumped from 0.1657 to 0.2378 and closed the hour at 0.1931, 19% below the high, on 20.7 million USDT of turnover. Open interest rose 11% into that spike and funding still prints 0.061% per 8h.
Fresh longs pay up for a level price already rejected once. That spike gave most of it back before funding even settles.
Chasing longs are the exit liquidity here. Which comes first, $0.168 or $0.215?
One hour, one wick: $ON jumped from 0.1657 to 0.2378 and closed the hour at 0.1931, 19% below the high, on 20.7 million USDT of turnover. Open interest rose 11% into that spike and funding still prints 0.061% per 8h.
Fresh longs pay up for a level price already rejected once. That spike gave most of it back before funding even settles.
Chasing longs are the exit liquidity here. Which comes first, $0.168 or $0.215?