GANG_USDT perp on MEXC sits on a 0.00613 to 0.00683 shelf after the 0.00813 spike

MEXC's GANG_USDT perpetual opened at 10:00 AM ET today. GANG is a BSC memecoin that listed on MEXC spot in the Meme+ zone on Oct 26, so this is its first futures market.

Contract

• Max 20x, contract size 100 GANG.
• 0% maker, 0.02% taker.
• Funding settles every 4 hours, capped at +/-0.02%.

MEXC snapshot, 12:00 PM ET

• Last 0.00645, index 0.00642, about -11.5% on 24h.
• 24h range 0.00613 to 0.00813.
• 24h turnover about 52K USDT. Open interest 41,863 contracts, roughly 27K USDT.
• Funding +0.0128%, so longs are paying shorts.

What the 15m chart shows

The 10:30 candle ran to 0.00813 and gave all of it back inside the same candle, closing at 0.00690. Since 11:00 price has built a shelf: lows of 0.00613, 0.00616, 0.00623 and 0.00623, with highs held between 0.00654 and 0.00683. First-hour spike, then a flat base under the 0.0069 level.

Bias: SHORT

Longs are paying a positive funding rate to hold a coin that cannot get back above its 10:30 close. A 15m close under 0.00613 would put price at fresh lows and pull the shelf out from under it.

Invalidation: a 15m close above 0.00690, back over the 10:30 close.

Brand new memecoin perp, one candle already swung about 17%, and the books are thin. Size small.