Honestly, I’m having a hard time making sense of this price action in $INIT : it’s up 49.47% in a day, trading at 0.3041, yet the funding rate is -0.51%.
Put simply: the price is surging while shorts are paying to stay in their positions. It’s like taking a beating and paying protection money at the same time—this suggests short sellers haven’t given up yet, or at least haven’t fully thrown in the towel. The 24-hour high of 0.3319 is right overhead, while the low of 0.1915 is still a long way below. Volatility is so high that anyone holding it must have sweaty palms.
I’d rather sit tight for now, because chasing it after a nearly 50% rally just doesn’t look worthwhile anymore. But if it holds above 0.3319, I’ll change my mind immediately—that would mean the shorts have really been backed into a corner.
With the funding rate this negative, do you think the shorts will keep hanging on, or are they about to crack?
#INIT #Market Analysis
Put simply: the price is surging while shorts are paying to stay in their positions. It’s like taking a beating and paying protection money at the same time—this suggests short sellers haven’t given up yet, or at least haven’t fully thrown in the towel. The 24-hour high of 0.3319 is right overhead, while the low of 0.1915 is still a long way below. Volatility is so high that anyone holding it must have sweaty palms.
I’d rather sit tight for now, because chasing it after a nearly 50% rally just doesn’t look worthwhile anymore. But if it holds above 0.3319, I’ll change my mind immediately—that would mean the shorts have really been backed into a corner.
With the funding rate this negative, do you think the shorts will keep hanging on, or are they about to crack?
#INIT #Market Analysis