$RLC 24h up 10.6%, now at 1.042, while BTC is up about 1.1% over the same period. Gate perpetuals hit a daily high of 1.127 (at 22:00 last night) and a daily low of 0.9377 (at 8:00 yesterday). Between 8:00 and 9:00 this morning, the price swept through the 0.9957–1.0672 range again.
After surging to 1.127 at 22:00 last night, the highs kept moving lower. From the early hours through this morning, it mostly churned between 1.03 and 1.07. The funding rate is -0.1416% (4h), so shorts are paying. Longs aren't crowded at this price, but nobody dares to put on a large short position either.
Conclusion: 1.06–1.067 is resistance. Consider a small short on a rebound to 1.06, with a stop at 1.085 and an initial target of 0.9957. Only turn bullish if it holds above 1.127. With funding this negative, don't take a large short position.
After surging to 1.127 at 22:00 last night, the highs kept moving lower. From the early hours through this morning, it mostly churned between 1.03 and 1.07. The funding rate is -0.1416% (4h), so shorts are paying. Longs aren't crowded at this price, but nobody dares to put on a large short position either.
Conclusion: 1.06–1.067 is resistance. Consider a small short on a rebound to 1.06, with a stop at 1.085 and an initial target of 0.9957. Only turn bullish if it holds above 1.127. With funding this negative, don't take a large short position.