$ONG entered CoinGecko’s trend chart. On Binance, the past 24 hours are up 42.8%, but the open interest over the last 6 hours has shrunk by 20.2%, and the funding rate is still sitting at -0.113%.
Prices are rising, while contract positions are shrinking—this rally doesn’t have new open interest providing support. With the negative funding rate, the short side is still continuously paying the cost of holding positions. The share of aggressive buy orders is 56%, but the follow-through isn’t that strong.
Tonight, the main things to watch are OI and the funding rate: if OI stops falling and the negative funding rate narrows, the squeeze is easing. But if OI continues to shrink while the price stays up at high levels, the pressure for a second pullback hasn’t been resolved.
Prices are rising, while contract positions are shrinking—this rally doesn’t have new open interest providing support. With the negative funding rate, the short side is still continuously paying the cost of holding positions. The share of aggressive buy orders is 56%, but the follow-through isn’t that strong.
Tonight, the main things to watch are OI and the funding rate: if OI stops falling and the negative funding rate narrows, the squeeze is easing. But if OI continues to shrink while the price stays up at high levels, the pressure for a second pullback hasn’t been resolved.