$IOTX
Down about 6.4%, funding rate around −0.64%—shorts are paying an absurd amount, and open interest is still rising. Don’t buy the dip just yet.
Current price: around 0.00389; open interest up about 11%; funding rate around −0.64%.
Bias: Don’t buy the dip yet; wait for the sell-off to slow before entering.
Aggressive: Try a small long on a pullback near 0.00375, with a stop at 0.00355 (about −5.3%) and an initial target of 0.00410.
Conservative: Wait for signs of a bottom around 0.00365 before entering, with a stop at 0.00345 (about −5.5%) and a target around 0.00395.
Will 0.00375 get hit first, or will it reach 0.00410 first?
Note: This analysis is for reference only and does not constitute investment advice!
#IOTX #Funding Rate
Down about 6.4%, funding rate around −0.64%—shorts are paying an absurd amount, and open interest is still rising. Don’t buy the dip just yet.
Current price: around 0.00389; open interest up about 11%; funding rate around −0.64%.
Bias: Don’t buy the dip yet; wait for the sell-off to slow before entering.
Aggressive: Try a small long on a pullback near 0.00375, with a stop at 0.00355 (about −5.3%) and an initial target of 0.00410.
Conservative: Wait for signs of a bottom around 0.00365 before entering, with a stop at 0.00345 (about −5.5%) and a target around 0.00395.
Will 0.00375 get hit first, or will it reach 0.00410 first?
Note: This analysis is for reference only and does not constitute investment advice!
#IOTX #Funding Rate