$EGLD 24 hours down 13.71%, but the spot trading value is only 14.30 million—this level of volume paired with an almost 14% drop suggests the sell orders were dumped in a cluster, not a slow, gradual slide. With increased volume, the sell-off was sharp—bear power released in a concentrated burst.
The annualized carry cost at a negative funding rate is about -46.7%. Shorting for each additional day costs about 0.17%. This isn’t extremely extreme, but it is already on the high side—indicating that although the bears are fierce, they also don’t dare to add too aggressively for fear of having the fees “eat them back.”
On the daily timeframe, 3.522 is today’s new low, but the volume has not continued to expand—suggesting the downside sell momentum is weakening. 3.50 is a key psychological level. If it breaks, look toward 3.35. The 4.11–4.20 zone above is the dense trapped-position area from today; if the price rebounds into that range, there’s a good chance some people will try to get out. Place your stop-loss at 3.13, first target around 3.80, and then see whether it can push up to 4.10.
With a drop like this, do you think it’s a bottoming signal—or just the beginning of opening up more downside room? Tell me your view in the comments.
#EGLD
The annualized carry cost at a negative funding rate is about -46.7%. Shorting for each additional day costs about 0.17%. This isn’t extremely extreme, but it is already on the high side—indicating that although the bears are fierce, they also don’t dare to add too aggressively for fear of having the fees “eat them back.”
On the daily timeframe, 3.522 is today’s new low, but the volume has not continued to expand—suggesting the downside sell momentum is weakening. 3.50 is a key psychological level. If it breaks, look toward 3.35. The 4.11–4.20 zone above is the dense trapped-position area from today; if the price rebounds into that range, there’s a good chance some people will try to get out. Place your stop-loss at 3.13, first target around 3.80, and then see whether it can push up to 4.10.
With a drop like this, do you think it’s a bottoming signal—or just the beginning of opening up more downside room? Tell me your view in the comments.
#EGLD