$MOVR has risen by about +36% in 24 hours.
But if you look at the Futures, there’s something quite striking.
Open Interest has increased from around 3.19 million → 6.83 million $MOVR . So the OI is more than twice in the same period.
This means this $MOVR rally is accompanied by the entry of many new positions in Futures.
Funding is still around 0.0029%, so it doesn’t look too crowded on the long side yet.
The current price is about $0.94, with the 24-hour high at $1.17.
In my opinion, the $0.90–0.95 area must be watched. If it can still hold there, the upward momentum is still quite good.
But if the price starts to fall while OI remains high, the positions that entered above could begin to be pressured.
$MOVR now isn’t just up +36%. The number of positions that are also entering is rising very quickly.
But if you look at the Futures, there’s something quite striking.
Open Interest has increased from around 3.19 million → 6.83 million $MOVR . So the OI is more than twice in the same period.
This means this $MOVR rally is accompanied by the entry of many new positions in Futures.
Funding is still around 0.0029%, so it doesn’t look too crowded on the long side yet.
The current price is about $0.94, with the 24-hour high at $1.17.
In my opinion, the $0.90–0.95 area must be watched. If it can still hold there, the upward momentum is still quite good.
But if the price starts to fall while OI remains high, the positions that entered above could begin to be pressured.
$MOVR now isn’t just up +36%. The number of positions that are also entering is rising very quickly.
