$IOST got cut in half in a day, plunging from around 0.0018 to around 0.0009—a drop of over 40%. This price action is shocking.
Six hours ago, it was still hovering around 0.0011. Now it’s fallen straight below MA7 and MA25, with all the moving averages overhead. The short-term structure is decisively bearish. Trading volume has also shrunk to 0.8 times that of the previous six hours, so it looks like there simply weren’t any buyers to catch the fall—not a high-volume turnover.
But there’s one thing I don’t understand: the large traders’ long/short account ratio is 1.63, meaning there are clearly more long accounts, and the funding rate is -0.0408%, so shorts are paying longs. With the price getting hammered like this, large traders’ accounts are still leaning long. Is this a consensus to buy the dip, or are they all trapped? Open interest is almost unchanged at $11 million, which suggests not many people have actually left.
I’m leaning bullish. I’d try going long here, entering around 0.0009, with an initial target of a recovery to MA25 at 0.0011. If it breaks below 0.00085, I’ll admit I’m wrong and get out. The mechanics aren’t the key—consensus is. After being cut in half in a day, the large traders are still on the long side. Can you refute that?
Six hours ago, it was still hovering around 0.0011. Now it’s fallen straight below MA7 and MA25, with all the moving averages overhead. The short-term structure is decisively bearish. Trading volume has also shrunk to 0.8 times that of the previous six hours, so it looks like there simply weren’t any buyers to catch the fall—not a high-volume turnover.
But there’s one thing I don’t understand: the large traders’ long/short account ratio is 1.63, meaning there are clearly more long accounts, and the funding rate is -0.0408%, so shorts are paying longs. With the price getting hammered like this, large traders’ accounts are still leaning long. Is this a consensus to buy the dip, or are they all trapped? Open interest is almost unchanged at $11 million, which suggests not many people have actually left.
I’m leaning bullish. I’d try going long here, entering around 0.0009, with an initial target of a recovery to MA25 at 0.0011. If it breaks below 0.00085, I’ll admit I’m wrong and get out. The mechanics aren’t the key—consensus is. After being cut in half in a day, the large traders are still on the long side. Can you refute that?
