$CHIP is really strong this time.
In just 15 minutes it shot up 2.63%, and trading volume is more than double the usual level. It’s obvious that someone is making moves in the market. Don’t just look at this kind of superficial broad-based rise; what’s really worth noting is that OI is also rising along with it, which makes it a bit more interesting. It doesn’t look like pure retail gamblers blindly betting, but more like real money with added leverage coming in.
Price has also just reclaimed the upper end of the first 20 five-minute candles, and the breakout strength feels pretty solid. What’s even crazier is that the buying is quite aggressive, with the buy/sell ratio reaching 1.52, which says something about the positions being held.
The only thing worth thinking about a bit more is that sentiment is getting a little overheated, and funding rates are already at relatively high recent levels. If you’re looking to chase, keep an eye out for a possible wick-and-retest pullback, and don’t end up standing guard in the middle of the frenzy. $CHIP
In just 15 minutes it shot up 2.63%, and trading volume is more than double the usual level. It’s obvious that someone is making moves in the market. Don’t just look at this kind of superficial broad-based rise; what’s really worth noting is that OI is also rising along with it, which makes it a bit more interesting. It doesn’t look like pure retail gamblers blindly betting, but more like real money with added leverage coming in.
Price has also just reclaimed the upper end of the first 20 five-minute candles, and the breakout strength feels pretty solid. What’s even crazier is that the buying is quite aggressive, with the buy/sell ratio reaching 1.52, which says something about the positions being held.
The only thing worth thinking about a bit more is that sentiment is getting a little overheated, and funding rates are already at relatively high recent levels. If you’re looking to chase, keep an eye out for a possible wick-and-retest pullback, and don’t end up standing guard in the middle of the frenzy. $CHIP
