Around $DRAM 55.6, a few days ago I went from 53.7 straight up to 57.5 in one push—I didn’t chase at the time; that’s what I mean by the pullback/retreat. Now the price has dropped back to 55.6, and this level is actually worth taking a second look more than the area above 57.
What changed? First, the contracts were flushed—open interest shrank by nearly 17% in a day, and a large portion of the accumulated long floating profits was cleared out. The price was smashed from 57.5 down to 54.6, then bounced back and regained the area above 55. The lows didn’t keep slipping lower—that’s a sign that selling pressure has been released.
The funding rate has also reset to zero. Out of eight, only two are positive, and the extreme value is just about 0.16%. Crowdedness has basically been washed out; at this point, going higher won’t be a burden in terms of leverage.
There’s also action in the order book and bids: passive buy orders make up 70%, and volume surged by nearly 1x over the past seven hours. The whales’ positions are still net long by more than 70%. During this pullback, positions even added by 3%. In the order book, the buy volume across the top 20 levels is also pressing through sell volume—when it dropped, there were buyers waiting to take it.
But having said that, spot big orders have been absent for these past few days, and the price hasn’t re-established itself above 57.5. So my stance is: we can move on from the “pullback” idea, but there’s no need to rush in—wait until there’s volume above 57.5, or wait for a retest near 55 and only act after it holds. From here, it’s a slightly bullish watch-and-wait zone, and the risk-reward is more comfortable than above 57.
#dram $DRAM
What changed? First, the contracts were flushed—open interest shrank by nearly 17% in a day, and a large portion of the accumulated long floating profits was cleared out. The price was smashed from 57.5 down to 54.6, then bounced back and regained the area above 55. The lows didn’t keep slipping lower—that’s a sign that selling pressure has been released.
The funding rate has also reset to zero. Out of eight, only two are positive, and the extreme value is just about 0.16%. Crowdedness has basically been washed out; at this point, going higher won’t be a burden in terms of leverage.
There’s also action in the order book and bids: passive buy orders make up 70%, and volume surged by nearly 1x over the past seven hours. The whales’ positions are still net long by more than 70%. During this pullback, positions even added by 3%. In the order book, the buy volume across the top 20 levels is also pressing through sell volume—when it dropped, there were buyers waiting to take it.
But having said that, spot big orders have been absent for these past few days, and the price hasn’t re-established itself above 57.5. So my stance is: we can move on from the “pullback” idea, but there’s no need to rush in—wait until there’s volume above 57.5, or wait for a retest near 55 and only act after it holds. From here, it’s a slightly bullish watch-and-wait zone, and the risk-reward is more comfortable than above 57.
#dram $DRAM