The price is 'hovering' at the top of the value zone at 0.93. The contract funds saw a net outflow of 80M in 24 hours, and spot trading volume decreased by 20M. If the short-term bulls cannot break through the sell wall at 0.94 in one go, they will be forced to retrace to 0.90's LVN to recharge.

[Key Interval Structure and Volume Distribution]
1. Value Anchor (POC): 0.9169, range 0.9148-0.9190, trading volume 930M, buyers account for 49.6%, showing a 'neutral stalemate'.
2. High Volume Node (HVN):
• 0.9043-0.9064 (624M) — First buffer zone below, often receives support on retracement.
• 0.9379-0.9400 (816M) — First resistance above, space opens after a breakthrough.
3. Low Volume Node (LVN):
• 0.8664-0.8706 (64M) — Rapid crossing zone; if it breaks below 0.90, it will slide directly here.
• 0.8328-0.8370 (83M) — Deeper retracement target.
4. 70% Volume Coverage Zone: 0.7235-0.9925; the current price is at the upper edge, 94%, indicating a short-term 'overbought edge'.

Momentum Verification:
• POC area Up/Down Volume 50/50, direction unclear.
• 0.9379-0.9400 area Down Volume 51.3%, selling pressure slightly prevails.
• 0.9043-0.9064 area Up Volume 47.6%, buying has not yet concentrated.

Auxiliary Judgment:
• MA200 (1h) 0.8928, deviation +4.5%, significant divergence, requiring mean reversion.
• Bollinger Band 1h upper band 0.9362, current price 0.9331 is running along the upper band, RSI 66.4, momentum is weakening.
• Contract holdings 24h -3.13%, long/short ratio from 3.11 → 2.90, the reduction in long positions is more evident.

Order Book Anomalies:
• 0.94 sell wall 325k, 0.96 sell wall 565k, two layers of continuous suppression.
• 0.93 buy wall 416k, 0.90 buy wall 309k, support below is still acceptable.

[Market Cycle]
In the medium term, it is still in the 'oscillating upward' phase (14d holdings +13.85%, price +28.6%), but in the short term, it has entered the 'high position oscillation tail end'. If 0.94 cannot break through with volume, it will transition into oscillation within the 0.90-0.94 range.

[Trading Strategy]
Retracement in Range (Conservative):
Entry: 0.9040-0.9060 (LVN + MA200 resonance)
Stop Loss: 0.8990 (recent HVN 0.9043 outer side -0.5×ATR≈0.005)
Target: 0.9370 (lower edge of upper HVN)
Risk/Reward Ratio: R=0.031/0.007≈4.4

Breakout of Range (Aggressive):
Entry: 0.9410 (1h closing breaks 0.9400 and Up Volume > 60%)
Stop Loss: 0.9340 (lower HVN 0.9379 outer side -0.5×ATR)
Target: 0.9800 (2×ATR)
Risk/Reward Ratio: R=0.039/0.007≈5.6

Risk Warning:
• If the 1h closing price falls below 0.8990, the strategy will be invalidated, and it’s advisable to go short to 0.866.
• Sudden macro negative news or a sharp drop in BTC may directly break through the LVN.

[LP Market Making Suggestions]
It is recommended to make narrow range LP in the 0.900-0.940 range, for the following reasons:
1. Inside the 70% volume coverage zone, the order depth is sufficient;
2. 0.9043 and 0.9379 form natural boundaries for HVNs, and slippage is controllable;
3. Funding rate of 0.01% is relatively low, hedging costs are low.

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