$ESPORTS price has already pumped, and the shorts are still paying up. I'm continuing to long above 0.20231.
What's really intriguing about this play isn't just that it surged 52.8% in the last 24 hours, but that after the pump, the funding rate is still sitting at -0.3458%. If the rise was driven by pure sentiment, the rate typically turns positive quickly; the fact that shorts are still paying costs indicates there's still a group of traders who doubt this rally. For the bulls, this skepticism could actually fuel further squeezes down the line.
From a technical standpoint, I see two layers. On the larger timeframe, the 1d chart has closed above the BOLL upper band, and the 4h is still above the MA25. The 4h MACD histogram is also on the bullish side, which sets a solid foundation for the trend to continue. Short term, things have cooled off, with the MACD on the 15m and 1h flipping bearish, so this isn’t the time to mindlessly chase the pump. It’s better to watch how it holds key levels on a pullback.
My line is simple: as long as 0.20231 holds, I’ll keep treating this as a long. The first target is 0.28998, then I’ll look at the previous high of 0.34. If it drops below 0.20231, I’ll stop my bullish outlook and won’t interpret the negative funding rate as fuel for further upside.
What's really intriguing about this play isn't just that it surged 52.8% in the last 24 hours, but that after the pump, the funding rate is still sitting at -0.3458%. If the rise was driven by pure sentiment, the rate typically turns positive quickly; the fact that shorts are still paying costs indicates there's still a group of traders who doubt this rally. For the bulls, this skepticism could actually fuel further squeezes down the line.
From a technical standpoint, I see two layers. On the larger timeframe, the 1d chart has closed above the BOLL upper band, and the 4h is still above the MA25. The 4h MACD histogram is also on the bullish side, which sets a solid foundation for the trend to continue. Short term, things have cooled off, with the MACD on the 15m and 1h flipping bearish, so this isn’t the time to mindlessly chase the pump. It’s better to watch how it holds key levels on a pullback.
My line is simple: as long as 0.20231 holds, I’ll keep treating this as a long. The first target is 0.28998, then I’ll look at the previous high of 0.34. If it drops below 0.20231, I’ll stop my bullish outlook and won’t interpret the negative funding rate as fuel for further upside.