It rose 38% in $PIXEL 24 hours, but large traders’ long-position share fell from 81% to 62%, while the share of retail accounts going long actually climbed from 65% to 69%.
These figures cover the same period: the price climbed from 0.0058 to 0.0082, and open interest in the contracts rose from 318 million tokens to 580 million. Of the additional 260 million tokens, the change in position shares suggests that most of the new short positions came from large traders.
The funding rate also tells a story. It had been consistently at +0.005%, but the last two settlements flipped to -0.019% and -0.018%. The price is making new highs while the funding rate turns negative, which suggests shorts are actively adding to their positions—and are willing to pay to hold them.
Put simply, the large traders are switching from longs to shorts at these high levels, while retail traders take the other side and go long. If the price stalls, the longs who bought near the top will be trapped. Forced stop-loss selling from those traders then becomes fuel for a drop.
Technically, the 1-hour RSI has reached 77, and the close at 0.00819 is already above the upper Bollinger Band at 0.00809. The ATR is around 0.00054, meaning a single candle can swing by more than 6% from low to high.
A few levels I’m watching: 0.00841 above is today’s high. If the price holds above it on strong volume, shorts will be forced to cover. Below, 0.0070 is the level of the two previous consolidation ranges; a break below it could trigger a wave of retail longs rushing for the exits.
I don’t hold PIXEL, and I don’t plan to trade it. In my view, the large traders have already gotten out, and this move is more likely to keep harvesting traders between 0.0070 and 0.0084. Until it gets decisively above 0.00841, I’m treating this as a distribution phase. These are my personal views for the record.
#PIXEL #OpenInterest
These figures cover the same period: the price climbed from 0.0058 to 0.0082, and open interest in the contracts rose from 318 million tokens to 580 million. Of the additional 260 million tokens, the change in position shares suggests that most of the new short positions came from large traders.
The funding rate also tells a story. It had been consistently at +0.005%, but the last two settlements flipped to -0.019% and -0.018%. The price is making new highs while the funding rate turns negative, which suggests shorts are actively adding to their positions—and are willing to pay to hold them.
Put simply, the large traders are switching from longs to shorts at these high levels, while retail traders take the other side and go long. If the price stalls, the longs who bought near the top will be trapped. Forced stop-loss selling from those traders then becomes fuel for a drop.
Technically, the 1-hour RSI has reached 77, and the close at 0.00819 is already above the upper Bollinger Band at 0.00809. The ATR is around 0.00054, meaning a single candle can swing by more than 6% from low to high.
A few levels I’m watching: 0.00841 above is today’s high. If the price holds above it on strong volume, shorts will be forced to cover. Below, 0.0070 is the level of the two previous consolidation ranges; a break below it could trigger a wave of retail longs rushing for the exits.
I don’t hold PIXEL, and I don’t plan to trade it. In my view, the large traders have already gotten out, and this move is more likely to keep harvesting traders between 0.0070 and 0.0084. Until it gets decisively above 0.00841, I’m treating this as a distribution phase. These are my personal views for the record.
#PIXEL #OpenInterest