STABLE rose for the second consecutive day, gaining 8.35% in the past 24 hours to around $0.035. Along with the price increase, trading volume also rose to $14.95 million, indicating improved market participation. However, judging from exchange flows, derivatives positions, and fund flow indicators, short-term sentiment has not yet shown a significant strengthening.
Price approaching the upper limit of the range
From a daily chart perspective, STABLE has been trading within a range for the past two months, with resistance at $0.0411 and support at $0.0314. While the price has rebounded, it remains below the downtrend line, indicating that selling pressure has not yet been fully absorbed.
The market is focused on the short-term support level around $0.037. If the price breaks above this level and further breaks the trendline, the rebound could extend. However, a break below $0.0314 would increase downward pressure again.
Trading data remains cautious.
Some technical data and on-chain transaction data have not fully correlated with this surge. The article cites data showing that approximately $102,000 of STABLE flowed into exchanges in the past 24 hours, a flow that typically indicates some holders may be preparing to sell.
- There are approximately $195,000 in long positions around $0.0316.
- There are approximately $343,000 in short positions around $0.0375.
In terms of scale, the short positions are larger, indicating that the market remains cautious about the continuation of the rebound.
Furthermore, the average trend index (ADX) is 18.96, still below the common 25 threshold, indicating limited strength in the current trend. The Chaikin Money Flow indicator (CMF) has fallen to -0.14, also reflecting continued capital outflows and that selling pressure has not completely subsided.
TVL of the agreement continues to rise
Despite cautious short-term trading sentiment, fundamental data for the protocol still provided some support. DeFiLlama data shows that the total value locked in STABLE increased from $1.23 million on May 1 to $3.09 million on June 21.
This change indicates that user engagement and fund accumulation within the agreement are still increasing. For the market, this type of data usually signifies improved ecosystem activity and provides some support for prices.
Overall, the recent surge in STABLE has been accompanied by increased trading volume and TVL growth, but exchange inflows and fund flow indicators suggest that the market has not yet formed a consensus of bullish expectations. The $0.037 to $0.0375 range remains a key area for whether the short-term upward trend can continue.
