$MAGMA 24-hour open interest fell by 21.19%, while the coin price was up +12.98%.
Honestly, with open interest falling while the price rises, it looks more like short sellers closing their positions and buying back.
To me, such a sudden change in open interest could mean bigger swings ahead. I’d scale back my position for now and wait for the trend to become clearer.
Honestly, with open interest falling while the price rises, it looks more like short sellers closing their positions and buying back.
To me, such a sudden change in open interest could mean bigger swings ahead. I’d scale back my position for now and wait for the trend to become clearer.