SNXX is currently around 17.2u. It just dropped headfirst from that high near 19.9; the low got smashed to 16.6. Now it’s basically crouched in the pit and bounced a couple times.
First, the conclusion—at this spot I won’t catch the knife. Brothers, don’t rush to bottom-fish.
This is a 2x leveraged derivative. Without its own “foundation,” it’s basically being led by the underlying. Earlier it was pushed from over 6 all the way to almost 20—triple the move. But then on the daily chart, a big red candle turned into a long bearish one: from 19.9 straight down to 16.8. The 4-hour trend has flipped bearish; it’s been 2 up days and 4 down days. The 50-line is still pressing overhead—this breakout momentum is completely drained.
More glaring is the open interest: in one day it piled up nearly 30%, yet the price still kept falling. The sell orders on the aggressive side are pressing down against the buy side; the buy-side share shrank by more than 30% over the day. The funding rate is still sitting below zero, and the new positions clearly lean toward the shorts.
Some whales do seem to be quietly adding longs—accounts’ long exposure ratio has risen a fair amount, and there’s still decent buy depth below on the order book, suggesting someone is propping it up. But let’s be real: this can only prop it up for a while; it can’t change the bigger direction.
A 2x leveraged product is especially afraid of this kind of big bearish candle at high levels. Once volatility amplifies, losses amplify with it. If the rebound can’t bring volume and follow-through, then whatever it rises to, it will likely give back what it gained. Chasing longs from this position has very poor cost-effectiveness. Wait until it grinds through the trapped orders piled above 19, or it regains and holds above the moving averages. For the short term, avoid it—wait for the pressure to release.
#snxx $SNXX
First, the conclusion—at this spot I won’t catch the knife. Brothers, don’t rush to bottom-fish.
This is a 2x leveraged derivative. Without its own “foundation,” it’s basically being led by the underlying. Earlier it was pushed from over 6 all the way to almost 20—triple the move. But then on the daily chart, a big red candle turned into a long bearish one: from 19.9 straight down to 16.8. The 4-hour trend has flipped bearish; it’s been 2 up days and 4 down days. The 50-line is still pressing overhead—this breakout momentum is completely drained.
More glaring is the open interest: in one day it piled up nearly 30%, yet the price still kept falling. The sell orders on the aggressive side are pressing down against the buy side; the buy-side share shrank by more than 30% over the day. The funding rate is still sitting below zero, and the new positions clearly lean toward the shorts.
Some whales do seem to be quietly adding longs—accounts’ long exposure ratio has risen a fair amount, and there’s still decent buy depth below on the order book, suggesting someone is propping it up. But let’s be real: this can only prop it up for a while; it can’t change the bigger direction.
A 2x leveraged product is especially afraid of this kind of big bearish candle at high levels. Once volatility amplifies, losses amplify with it. If the rebound can’t bring volume and follow-through, then whatever it rises to, it will likely give back what it gained. Chasing longs from this position has very poor cost-effectiveness. Wait until it grinds through the trapped orders piled above 19, or it regains and holds above the moving averages. For the short term, avoid it—wait for the pressure to release.
#snxx $SNXX