$MVLL In the past 24 hours, it dropped 5.444%, and the price is now 23.97. What’s interesting is that its funding rate is still positive: 0.00026568.
In plain terms, this setup is unusual. After a 5% drop, longs should have been beaten up with no room left—but the funding fee is still positive, which means longs are still paying money to shorts and are willing to keep holding their positions. According to the funding-rate “law,” this is the classic case of longs being trapped yet still adding and forcing it, refusing to admit defeat. Trading volume is $32.0 million, and open interest is over 202,000. With this level of open interest paired with a positive funding rate, it suggests longs’ positional pressure is still building up—there’s no sign of panic liquidation orders showing up.
Old dog took a look around and didn’t see any sectors leading the move or any narrative catalyst—this is purely a single-coin anomaly.
My take: this is longs digging in. They’re betting the price will rebound, so even if they have to pay the funding rate, they won’t close. In this kind of sentiment, the price is prone to a low-volume grind down—because the bids are waiting, while the trapped longs are stubbornly holding on.
My action: continue watching. As long as longs don’t cut losses, it’s hard to see a decent rebound. Unless the funding rate flips to negative quickly, signaling that shorts are starting to take control—that would be a different playbook. At this level, I choose to stay put.
Where could this judgment be wrong?
Trading tag: #BinanceFutures #TradFi #USDⓈM #MVLL #MVLLUSDT $MVLL
In plain terms, this setup is unusual. After a 5% drop, longs should have been beaten up with no room left—but the funding fee is still positive, which means longs are still paying money to shorts and are willing to keep holding their positions. According to the funding-rate “law,” this is the classic case of longs being trapped yet still adding and forcing it, refusing to admit defeat. Trading volume is $32.0 million, and open interest is over 202,000. With this level of open interest paired with a positive funding rate, it suggests longs’ positional pressure is still building up—there’s no sign of panic liquidation orders showing up.
Old dog took a look around and didn’t see any sectors leading the move or any narrative catalyst—this is purely a single-coin anomaly.
My take: this is longs digging in. They’re betting the price will rebound, so even if they have to pay the funding rate, they won’t close. In this kind of sentiment, the price is prone to a low-volume grind down—because the bids are waiting, while the trapped longs are stubbornly holding on.
My action: continue watching. As long as longs don’t cut losses, it’s hard to see a decent rebound. Unless the funding rate flips to negative quickly, signaling that shorts are starting to take control—that would be a different playbook. At this level, I choose to stay put.
Where could this judgment be wrong?
Trading tag: #BinanceFutures #TradFi #USDⓈM #MVLL #MVLLUSDT $MVLL