CART stock perp on MEXC flushed from 60.59 to 58.82 and is rebuilding: long while 59.71 holds

Maplebear Inc. (NASDAQ: CART) is the company behind Instacart, the US grocery delivery app. MEXC now has a USDT-margined CARTSTOCK_USDT perpetual for it, which opened at 10:00 AM ET today and trades on US market hours.

Contract: max 20x, contract size 0.001 CART, 0% maker and 0.02% taker.

As of 1:20 PM ET the last price is 59.92 (index 59.89), down about 0.9% on the day. The 24h range is 58.82 to 60.59, turnover is roughly 22.7K USDT and open interest is 596,414 contracts, about 36K USDT. Funding is -0.0048%, so shorts are paying a hair.

How the day has gone on the 15m chart: the first two hours were a tidy 59.7 to 60.4 range, then the 11:45 candle closed at 60.45 and the 12:00 candle printed the 60.59 high before dumping to a 59.25 close. The 12:15 candle wicked to 58.82, the day's low, and buyers have been stepping in since. Lows have lifted from 58.82 to 59.10, 59.10, 59.50 and 59.71, and closes have gone 59.29, 59.29, 59.60, 59.82, 59.87.

My bias is LONG, but only as a recovery trade. Dips that hold the 59.71 low keep the higher-low sequence alive, with 60.00 (the old base) and then 60.45 as the first targets, and 60.59 as the stretch. Invalidation is a 15m close below 59.50, which would erase the last two higher lows and put 58.82 back in play.

The books are thin and the contract is only three hours old, so a single order can move it. Size small. Not financial advice.