Humanity token H continued its previous rebound, rising from around $0.19 to around $0.2519, essentially recovering its recent losses. At the time of writing, H was trading at $0.25, a 24-hour increase of 21.2%, with trading volume rising to $60 million during the same period.
Spot buying has regained dominance.
After the market rebounded, buying regained control, driving H to recover rapidly in a short period. The trading data cited in the article shows a significant recovery in spot demand, with Binance showing the most significant buying power.
In the spot market of the exchange, the buying volume of H rose to 26 million, while the selling volume was approximately 23.7 million, widening the bid-ask spread to 4 million, resulting in a net buying volume of 16 million. The higher buying volume than selling volume indicates that short-term funds are actively driving up the price.
Meanwhile, exchange net inflows remained negative. Data shows that spot net inflows dropped 682% to -$978,000, indicating a significant outflow. Typically, such changes suggest that some buyers transferred their tokens out of the exchange after purchasing them, thus easing selling pressure in the market.
Derivatives positions increased in tandem.
The derivatives market also saw a significant warming trend. CoinGlass data shows that open interest in H futures increased by 24% to $172.7 million, while derivatives trading volume surged by 125% to $76 million. The simultaneous rise in both open interest and trading volume typically indicates the entry of new funds into the market.
The market structure also leans towards the bulls. The Long/Short Ratio has risen to 1.08, and top trading accounts on Binance and OKX are more clearly biased towards long positions. This indicates that many traders are following the rebound, but the rapid increase in positions will also raise subsequent volatility and liquidation risks.
$0.28 becomes the short-term focus
From a trend perspective, H is currently maintaining upward momentum. The article mentions that its Relative Strength Index (RSI) has risen to 59, but the signal line is still at 61, indicating that although buying power has clearly recovered, it has not yet completely suppressed selling pressure.
With the price above both short-term and long-term moving averages, H still has a chance to continue its upward trend towards $0.28 and test the $0.30 area, provided demand remains. However, if selling pressure strengthens again and pushes the price back below $0.25, the price could potentially retreat back to around $0.20.
