Don't enter a short on $QNT now, or you'll be liquidated soon 👀👇
After the coin dropped to $200, it bounced from the support zone.
With every bounce, short positions are getting squeezed.
We can see traders closing their short positions since the price reached the support zone.
The funding rate is still negative at -0.0292, which means short positions are still paying longs.
Open interest is still falling, indicating traders are closing short positions.
However, many short positions are still open, and the pain point is $240.
Expected move up toward 🟢: 220/230/240
⚠️ Note: The price could drop to 204.73 before moving lower, so position carefully.
After the coin dropped to $200, it bounced from the support zone.
With every bounce, short positions are getting squeezed.
We can see traders closing their short positions since the price reached the support zone.
The funding rate is still negative at -0.0292, which means short positions are still paying longs.
Open interest is still falling, indicating traders are closing short positions.
However, many short positions are still open, and the pain point is $240.
Expected move up toward 🟢: 220/230/240
⚠️ Note: The price could drop to 204.73 before moving lower, so position carefully.