🐳 $MAGIC : Open interest down, price up; 24-hour open interest -29.9%, current price 0.1261.
Worth considering: Who’s buying on the way up? When the price rises as open interest falls, it often means the buying is mainly driven by short covering, which stops once the covering is done. A genuine rally needs new long positions to take over.
Next, watch whether open interest rises or falls.
Worth considering: Who’s buying on the way up? When the price rises as open interest falls, it often means the buying is mainly driven by short covering, which stops once the covering is done. A genuine rally needs new long positions to take over.
Next, watch whether open interest rises or falls.