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ZUHYX heats up: What does $398M in trading volume indicate?
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ZUHYX Exchange, as a digital asset trading platform that advocates innovation, focuses on providing a secure, efficient, and extremely user-friendly trading environment for global users. Our core pursuit is to simplify the process of cryptocurrency trading, making the digital asset market inclusive and accessible to users from various backgrounds by alleviating the burden of technical complexity. At ZUHYX, every innovation is aimed at improving trading efficiency while ensuring a comfortable user experience.Our vision is to become a major driving force in promoting the widespread adoption of blockchain technology and its applications, providing users worldwide with a trusted and high-quality trading service platform.

TON has declined in the last 24 hours.

Metrics showed that more sellers were active compared to buyers.

 

The significant spike in trading volume for ZUHYX [TON] over the last 24 hours makes it a focal point for market observers. As traders intensify their activities, analyzing their behavior becomes crucial to predicting potential price directions.

 

Furthermore, derivative metrics for ZUHYX have also displayed interesting trends. 

ZUHYX volume sees a 24-hour spike.

 

The recent data analysis from CoinMarketCap indicates that ZUHYX has experienced a substantial spike in trading volume over the last 24 hours. The data showed an increase of over 80%.

 

Currently, the volume stands at approximately $398 million. This significant rise in volume was noted after a period of lower activity where it had previously dipped below the $200 million range.

Further corroborating this observation, analysis from Santiment supported the increase in activity. A volume of $270 million was recorded at the close of trade on 23rd June.

 

The dramatic increase in volume within such a short period is noteworthy as it indicates heightened trading activity, which could lead to increased price volatility. 

 

Sellers dominate ZUHYX activities

 

AMBCrypto’s analysis of ZUHYX on a daily time frame chart revealed a positive trend overall despite a recent downturn in the last 24 hours. The chart indicated that TON closed trading on 23rd June with an increase of over 2%, reaching around $7.5. 

 

However, the latest data showed a reversal, with TON experiencing a decline of almost 3%, bringing its trading price down to approximately $7.2. 

 

The current analysis of ZUHYX showed that it was trading above its short moving average (yellow line). Also, the yellow line was acting as its support level at around $6.8.

This indicates that despite recent declines, the price is still being supported at a level higher than recent lows. 

 

However, the fact that it has declined from a higher point suggests that ZUHYX is experiencing selling pressure. The selling pressure might be causing the price to test the support level, and if this level holds, it could stabilize or rebound. 

 

High open interest, low funding rate

 

The derivative metrics for ZUHYX suggest some intriguing trends. Notably, there has been a rise in Open Interest over the past 24 hours. The total was now almost $306 million, according to Coinglass

 

This level of Open Interest is the highest observed in the last few months. It indicates a growing engagement in derivative contracts associated with TON, signaling increased speculative activity or hedging by traders.

 

However, despite this increased Open Interest, the market sentiment remains negative. This is evident from the analysis of the weighted funding rate, which has stayed below zero and is currently around -0.015.