$RSR 24h is still showing a 28.5% gain, but this is no longer the same RSR as yesterday. The current price is 0.002114. Gate perpetuals hit a daily high of 0.002593 and a low of 0.001626, with a range of about 59% and roughly 18.94 million U in volume. BTC is around 82,611 (-1.15%) over the same period.
Price action: Yesterday at 12:00, it shot from 0.00165 to 0.00244 in a single candle. At 13:00, about 2.66 million U in volume drove it to a daily high of 0.002593, which it hasn't touched since. Around 19:00–20:00, roughly 4 million U fueled a second rally to 0.002554, but it was knocked back down. At 5:00 this morning, about 660,000 U in volume pushed it below 0.0022. It's now near 0.0021, about 18% off the high.
Why: The funding rate is -0.166% (settled hourly), meaning shorts are paying continuously. That shows short positions are crowded, yet the price is still falling—buyers can't absorb the selling. The broader market is also down, with no fresh capital coming in to carry the rally.
Conclusion: Don't chase longs, but don't rush into a large short either—the funding is too expensive. Consider a light short on a rebound to 0.00220–0.00225, with a stop at 0.00232; targets are 0.0020/0.0019. If it reclaims 0.00232, I'm wrong.
Price action: Yesterday at 12:00, it shot from 0.00165 to 0.00244 in a single candle. At 13:00, about 2.66 million U in volume drove it to a daily high of 0.002593, which it hasn't touched since. Around 19:00–20:00, roughly 4 million U fueled a second rally to 0.002554, but it was knocked back down. At 5:00 this morning, about 660,000 U in volume pushed it below 0.0022. It's now near 0.0021, about 18% off the high.
Why: The funding rate is -0.166% (settled hourly), meaning shorts are paying continuously. That shows short positions are crowded, yet the price is still falling—buyers can't absorb the selling. The broader market is also down, with no fresh capital coming in to carry the rally.
Conclusion: Don't chase longs, but don't rush into a large short either—the funding is too expensive. Consider a light short on a rebound to 0.00220–0.00225, with a stop at 0.00232; targets are 0.0020/0.0019. If it reclaims 0.00232, I'm wrong.