• In the derivatives market, sales continue to exceed purchases. This is evidenced by the drop in the take-buy-sell ratio, also known as the long/short ratio, to 0.963. When this ratio falls below the threshold of 1, it indicates increased selling pressure over a period of time (usually 24 hours). A ratio above 1 indicates increased buying pressure in the derivatives market.

While oversold volume has increased over the past few weeks, the number of open derivatives contracts has decreased by 19.80% on an open interest ratio basis, to $4.96 million.

The spot market has also seen a slight change in sentiment, with net flows on the exchange being negative over the past two days. Simply put, this means that traders are moving assets into private wallets for long-term storage. When this indicator is positive, it indicates active selling.

Over the past two days, about $250,000 has been withdrawn from the exchange ($119,480 the day before and $135,520 in the past 24 hours).

However, sentiment has been upbeat lately. While this may provide insight, a broader look at the situation using weekly data shows that sellers are maintaining their dominance.

As a result, traders in the #HNT market have good reason to be cautious.

The price chart shows that the HNT price is moving along the downtrend line. If the selling pressure intensifies at this level, the price of HNT may fall to the 2024 low of 2.85 USD, which was set on June 18, and may fall further depending on the market movement.

However, this fall depends on the support level. However, this decline depends on the support level of USD 3,315. If this level holds, it will serve as an airbag and prevent further decline. Given that the altcoin's funding rate is currently positive at 0.0176%, this indicates continued buying sentiment.

Next: mantle price forecast [MNT] - should we take advantage of a price bounce above $1 to open a short position?

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Olayiwola Dolapo

Dolapo, who lost his DOGE token due to a lack of understanding of #blockchain technology, is working on an extensive He vowed to understand and explore this potential.

Read us at: Compass Investments