A four-hour chart pulls out a large bearish candle. $SKR was directly smashed from 0.031 down to 0.0192, a drop of 31%. Even among the top ten by market cap, the pool was forcibly washed out by one-third. With sell-offs of this magnitude in a single day, it’s either a chain reaction of leveraged liquidations, or concentrated distribution by large holders—there’s no middle ground.
The bears are hitting extremely hard this round. The funding rate has been pushed down to -0.0581%. The annualized rate of shorting is close to -47%, indicating that those shorting aren’t just not running—they’re actively adding positions to take chips. Coupled with a 31% plunge, it’s clear that the bears are in control, and the bulls basically have no ability to fight back.
The key question: where is the bulls’ line of defense? Today’s low at 0.0192 is a psychological anchor. If this level is effectively broken, there is basically no strong support below, and the move could accelerate toward the 0.015–0.017 range. But the 11 billion in trading volume indicates turnover is already fairly sufficient; the motivation to keep smashing may actually weaken.
For the bulls to stage a turnaround, at minimum they need to first stabilize the price above 0.022, and then see whether they can reclaim the 0.026–0.028 range. Place the stop-loss below 0.019—if it breaks, exit. Don’t get stubborn.
The risk-reward for this trade is fairly clear: lose 9% for a possible 20% rebound space—odds of 2:1. It’s worth trying with a small position.
#SKR
The bears are hitting extremely hard this round. The funding rate has been pushed down to -0.0581%. The annualized rate of shorting is close to -47%, indicating that those shorting aren’t just not running—they’re actively adding positions to take chips. Coupled with a 31% plunge, it’s clear that the bears are in control, and the bulls basically have no ability to fight back.
The key question: where is the bulls’ line of defense? Today’s low at 0.0192 is a psychological anchor. If this level is effectively broken, there is basically no strong support below, and the move could accelerate toward the 0.015–0.017 range. But the 11 billion in trading volume indicates turnover is already fairly sufficient; the motivation to keep smashing may actually weaken.
For the bulls to stage a turnaround, at minimum they need to first stabilize the price above 0.022, and then see whether they can reclaim the 0.026–0.028 range. Place the stop-loss below 0.019—if it breaks, exit. Don’t get stubborn.
The risk-reward for this trade is fairly clear: lose 9% for a possible 20% rebound space—odds of 2:1. It’s worth trying with a small position.
#SKR