$MOVE is currently an excellent spot for a short position; even Ethereum can't hold up, let alone these third-tier blockchains.
Current price is 0.01363, very close to the 24-hour low of 0.01311. It's dropped 26.20% over the past day, with a trading volume around $185 million, and open interest still stands at about 418 million tokens, indicating that a lot of positions haven't exited during this drop.
Funding rate is at -0.6231%, and the short squeeze is real. But the price clinging to these lows is also a fact: the high cost of shorting hasn’t led to a significant rebound, and there’s clearly a lack of support from the bulls.
This isn’t a call to blindly chase shorts at support. My trading logic is to wait for the 0.01311 level to break down, confirming that support has been taken out before I follow the shorts, to avoid misjudging an ordinary bounce as a reversal.
0.02056 is the invalidation point. If the price recovers here, it means the downtrend has been fully corrected, and I’ll exit my short. Until that happens, I’ll treat any bounce as shorts looking to reestablish positions.
Current price is 0.01363, very close to the 24-hour low of 0.01311. It's dropped 26.20% over the past day, with a trading volume around $185 million, and open interest still stands at about 418 million tokens, indicating that a lot of positions haven't exited during this drop.
Funding rate is at -0.6231%, and the short squeeze is real. But the price clinging to these lows is also a fact: the high cost of shorting hasn’t led to a significant rebound, and there’s clearly a lack of support from the bulls.
This isn’t a call to blindly chase shorts at support. My trading logic is to wait for the 0.01311 level to break down, confirming that support has been taken out before I follow the shorts, to avoid misjudging an ordinary bounce as a reversal.
0.02056 is the invalidation point. If the price recovers here, it means the downtrend has been fully corrected, and I’ll exit my short. Until that happens, I’ll treat any bounce as shorts looking to reestablish positions.
