ACX demonstrates resilience against the bearish mainstream market sentiment, rebounding over 8% from the low of $0.04217 and stabilizing above $0.04585. On the technical front, the daily chart continues to show an upward structure, with short-term support at $0.04400 and resistance at $0.04650. If volume continues to align, there is potential to challenge $0.04800. Given that the overall market funding rate has not yet risen significantly, short-term correction risks remain; investors are advised to monitor capital flows. If the funding rate climbs above 0.01% and drives strength in major cryptocurrencies, it may be opportune to increase mid-term long positions accordingly.

Recently, the funding rate in the derivatives market has remained below 0.005%, indicating overall trader sentiment is cautious or even pessimistic. However, since ACX hit a low of $0.04217 on April 7, it has quickly staged a rebound. As of the close on April 17, the price had returned to near $0.04585, more than 8% above the low. This performance shows that despite broader market pressure, ACX contracts, supported by technical recovery and sustained buying, have exhibited strong resistance to declines.

On April 10, as Bitcoin surpassed $72,000 again, data from Coinglass showed that funding rates on major centralized and decentralized exchanges indicate a deepening bearish market sentiment. Funding rates, used to balance perpetual contract prices with underlying asset prices, reflect trader sentiment: rates above 0.01% suggest bullishness, while rates below 0.005% indicate bearishness. Current rates point to increased bearishness.

The current mainstream CEX and DEX funding rates indicate a deepening bearish sentiment in the market.

On the daily chart, ACX has consecutively recorded higher lows and higher highs over several days: the low of $0.04217 on April 7 and the low of $0.04256 on April 15 have formed an upward sequence; the highs of $0.04557 on April 7 and $0.04633 on April 17 signaled a breakthrough. With trading volume staying at moderate to high levels during the rebound, short-term moving averages show a bullish alignment, indicating buying strength dominates. Currently, the short-term support is at $0.04400, with recent resistance around $0.04650; if volume continues to increase on a breakout, there is potential to further test $0.04800.

Although ACX has completed an initial technical recovery, the funding rate for major assets remains low, suggesting overall market liquidity and optimism have not clearly returned. Without the support of new positive news, ACX may face correction pressure if Bitcoin and major cryptocurrencies do not sustain their upward move. Mid-term, should the funding rate recover above 0.01% and trigger a new round of bullish trends in major cryptocurrencies, ACX could benefit from a restored confidence across the sector.

Across Protocol

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