What Might Happen Next On $MUBARAK
Look at the Open Interest chart.A few days ago, $MUBARAK started moving higher, and OI also increased strongly with the price. Then price made a big dump, and OI also dropped heavily as many positions were cleared.
But now the situation is different.
Price has recovered, while OI is staying stable around $33.4M. This means new positions are entering, but we haven’t seen another major OI spike yet.
The positioning is also interesting. Around 54% of traders are long, while around 46% are short on the short-term timeframes.
Funding is slightly positive at around +0.01%, meaning longs are paying shorts. Volume has also increased strongly during the recent price moves, showing that there is still a lot of activity around MUBARAK.
This is where the market psychology gets interesting. Since more traders are already long, a short-term correction is possible as some traders may take profit.
But if MUBARAK holds the correction and starts moving higher again, I wouldn’t be surprised to see OI spike with the price and a new wave of positions enter the market.
Based on the data I’m tracking, I think within the next few days, after some time and the right setup, MUBARAK could potentially show us another big move.
Look at the Open Interest chart.A few days ago, $MUBARAK started moving higher, and OI also increased strongly with the price. Then price made a big dump, and OI also dropped heavily as many positions were cleared.
But now the situation is different.
Price has recovered, while OI is staying stable around $33.4M. This means new positions are entering, but we haven’t seen another major OI spike yet.
The positioning is also interesting. Around 54% of traders are long, while around 46% are short on the short-term timeframes.
Funding is slightly positive at around +0.01%, meaning longs are paying shorts. Volume has also increased strongly during the recent price moves, showing that there is still a lot of activity around MUBARAK.
This is where the market psychology gets interesting. Since more traders are already long, a short-term correction is possible as some traders may take profit.
But if MUBARAK holds the correction and starts moving higher again, I wouldn’t be surprised to see OI spike with the price and a new wave of positions enter the market.
Based on the data I’m tracking, I think within the next few days, after some time and the right setup, MUBARAK could potentially show us another big move.
