Stable [STABLE] continued with its remarkable price discovery, hiking to a three-month high of $0.039 before slightly retracing.
At the time of writing, STABLE traded at $0.036, up 10.43% on the daily charts, extending its month-long uptrend.
Additionally, the altcoin’s trading volume jumped 137% to $1.7 billion while market cap reached $651 million, reflecting capital flows.
STABLE’s investors pile in for a long haul
STABLE’s uptrend has held amid sustained capital flows across all market participants, with traders piling for a long haul.
As such, buyers have consistently stepped into the market and bought every pullback. In fact, the altcoin’s Demand Index has largely held above the positive zone for the last three weeks.
Over this period, this demand indicator has slipped into negative territory only three times, reflecting sustained market demand.
As a result, BSVP also showed bullish bias at press time. As such, buyers have dominated the market for twenty consecutive days.
The current positioning suggests that, while sellers are active in their market, their downside pressure is constantly absorbed.
Risk appetite remains relatively elevated
On the futures side, investors have shown sustained demand for strategic positions, as they continue to chase the rally either by going short or long.
According to CoinGlass data, the altcoin’s Derivatives Volume rose 122.68$ to $180.3 million while Open Interest (OI) climbed 14% to $52.4 million.
Often, when OI and volume rise together, it indicates increased participation and higher capital flow in the futures market.
Meanwhile, the Long Short Ratio fluctuated across exchanges. On Binance and OKX, the average ratio across the two fell below 1 to 0.99, but Longs dominated on Binance.
Looking at Binance and Bybit, the ratio remained above 1, currently at 1.21, with longs accounting for 54.7, % while shorts accounted for 45%.
These conflicting data indicate increased demand on both sides, with traders exhibiting both bullish and bearish sentiment.
Can the momentum hold to flip $0.04?
STABLE consistently closed at higher highs as buyers have stepped in and piled in at every pullback. This demand has remained steady across the spot and futures markets.
As a result, the altcoin’s Relative Strength Index (RSI) climbed to 72 as of writing, touching the overbought crossover level, reflecting buyer dominance.
At the same time, the altcoins held strongly above their short-term moving averages, indicating strong upward momentum.
Therefore, if buyers’ strength continues to outpace bears, STABLE will flip its long-term resistance to $0.04 and target $0.045. However, if the current attempt fails, the altcoin will retrace to $0.031.
Final Summary
- Stable surged 10.4%, touched a three-month high of $0.039, then retraced to $0.036 at press time.
- STABLE’s upside momentum held as investors piled for the long haul while risk appetite remained elevated.
