At 2 p.m., I said $LSK was poised for a short squeeze, with a target of 0.2488—and now the price has climbed above 0.30, peaking at 0.3188 and leaving that target far behind.
How did this move unfold?
1️⃣ The funding rate had plunged as low as -1.46%. Shorts were paying hefty fees to hold their positions, but were eventually squeezed out, one green candle at a time.
2️⃣ Open interest in futures rose from around $8.9 million to $12.28 million, with new money still pouring in.
3️⃣ But note: the latest funding rate has narrowed to -0.09%, suggesting the shorts are nearly out of fuel and the squeeze is losing steam.
My take: The trend is still bullish, but chasing the price here offers poor risk-reward. 0.267 is the key support level for this pullback. If it holds, you could consider getting in; if it breaks, exit for now. 0.3188 is the previous high—only a high-volume hold above it would open the door to another leg up. If Bitcoin $BTC doesn't drag the market down, pullbacks in strong coins are an opportunity.
For those who joined in this afternoon, are you still holding or have you taken profits?
#LSK #轧空 #山寨币 #MarketAnalysis
How did this move unfold?
1️⃣ The funding rate had plunged as low as -1.46%. Shorts were paying hefty fees to hold their positions, but were eventually squeezed out, one green candle at a time.
2️⃣ Open interest in futures rose from around $8.9 million to $12.28 million, with new money still pouring in.
3️⃣ But note: the latest funding rate has narrowed to -0.09%, suggesting the shorts are nearly out of fuel and the squeeze is losing steam.
My take: The trend is still bullish, but chasing the price here offers poor risk-reward. 0.267 is the key support level for this pullback. If it holds, you could consider getting in; if it breaks, exit for now. 0.3188 is the previous high—only a high-volume hold above it would open the door to another leg up. If Bitcoin $BTC doesn't drag the market down, pullbacks in strong coins are an opportunity.
For those who joined in this afternoon, are you still holding or have you taken profits?
#LSK #轧空 #山寨币 #MarketAnalysis
