o1.exchange rallies after Upbit listing – Can bulls sustain the momentum?

The pullback stopped just above the 23.6% Fibonacci retracement level at $0.639. The next resistance cluster sits between $0.681 and $0.694. That zone marks a confluence of horizontal resistance and Fibonacci levels. A close above $0.694 would expose $0.713 before a test of the $0.853 peak. A drop below $0.639 would open the way to the $0.5733 base.

Derivatives data from CoinGlass showed mixed signals. Open interest climbed 28.90% to $23.79 million, indicating fresh leveraged positions kept entering. Funding rates turned sharply negative. Short sellers paid to hold their positions while the price held near $0.64.

Funding rates on the exchange turned negative, according to CoinGlass data.