Humanity (H) surged nearly 60% within the past 24 hours, becoming one of the top-performing crypto assets for the day. Foreign media believe this rebound is not merely a technical recovery following prior sharp declines, as changes in derivatives market positioning are also providing price support.
From the price movement, H has clearly rebounded after its earlier sharp decline and is currently approaching the $0.28 to $0.30 range. This area has previously acted as significant resistance, making it a key level for determining whether the short-term upward momentum can continue.
Open interest begins to stabilize
The article notes that open interest, which had clearly declined following the previous liquidation, has begun to stabilize and rise. This typically indicates that new positions are being established, rather than just a short-term spike driven by low liquidity.
Meanwhile, the funding rate remains negative, indicating that some traders are still holding short positions. If the price continues to rise, these short positions may be forced to close, further amplifying the upward movement.
Around $0.30 becomes a short-term observation level.
Foreign media believe that if H can reclaim the $0.28 to $0.30 range and turn it into support, market sentiment toward this rally will further improve. If this level fails to hold firmly, the sustainability of the rally remains uncertain.
Above, the $0.39 to $0.40 range is seen as the next major resistance zone. Since price previously faced strong selling pressure in this area, a breakout above this range could further strengthen market sentiment.
Relatively speaking, the support zone between $0.21 and $0.22 is the nearest support level currently. If the price falls below this zone again, the existing rebound structure may weaken, and selling pressure could increase once more.
There is still significant room to reach $1.
The article suggests that although H has recently experienced a significant rebound, a longer recovery process is still required to return to $1. In addition to first stabilizing near $0.30, the price must break above the $0.39 to $0.40 range and absorb the historical selling pressure above the $0.70 to $0.80 zone.
Based on current data, this rally no longer appears to be merely a short-term rebound. The recovery in open interest, the continuation of negative funding rates, and the rapid price recovery from lows suggest that the market is rebalancing long and short positions. Whether this momentum can be sustained will depend on buying pressure, trading volume, and support at key price levels.