$GUA hit an ATH in daily volume.
GUA, with a market cap of around $6M, saw very high volume yesterday. Safe to say it's the highest volume since day one of listing.
While futures volume hit $272M in the last 24 hours, spot volume came in at only $150K. That gap is enormous and we've seen many times that rallies without spot backing rarely last.
Despite this rally, short positions haven't increased. Probably because the low mcap scares people away from shorting.
Long/Short ratio is above 2.
In short, everyone is long and the move is purely futures driven. There's a liq cluster at $0.074 but with this setup sustaining the rally looks limited.
A pullback to $0.038 is possible if a downtrend kicks in.
GUA, with a market cap of around $6M, saw very high volume yesterday. Safe to say it's the highest volume since day one of listing.
While futures volume hit $272M in the last 24 hours, spot volume came in at only $150K. That gap is enormous and we've seen many times that rallies without spot backing rarely last.
Despite this rally, short positions haven't increased. Probably because the low mcap scares people away from shorting.
Long/Short ratio is above 2.
In short, everyone is long and the move is purely futures driven. There's a liq cluster at $0.074 but with this setup sustaining the rally looks limited.
A pullback to $0.038 is possible if a downtrend kicks in.