Everyone, I watched this chart for $IDOL all night.
Current price: 0.02277, up 25.172% over 24 hours. The intraday high of 0.02423 was hit around dawn,
while the low of 0.016313 was still back yesterday afternoon.
A 48.532% range.
At first glance, I thought I was seeing things. I checked twice before believing it. Getting knocked down to 0.016 and then climbing back to 0.024 in a single day isn’t a move that formed gradually.
The weak hands at the bottom have been shaken out through repeated turnover during this move. Those left are holding at higher cost bases, so selling pressure was already light.
Trading volume totaled 159.41 million USDT over 24 hours, with open interest at 858.21 million contracts. Leveraged positions climbed right along with the price.
The funding rate is 0.048127%, or 52.7% annualized. Honestly, that’s not cheap. The longs keep putting money into the shorts’ pockets, and the higher the price goes, the heavier that tax gets.
When the funding rate reaches this level, it’s often when the crowding is tightest. Liquidity is like the water level in a reservoir: the higher it rises, the uglier it gets when it recedes.
So my take is simple: pay closer attention, but don’t chase the price. Wait for a pullback to around 0.0199 and see if there’s support. Only if it holds can we say this round of rotation has really changed hands.
This pool is only so big; even one more serving spoon is enough to strain it.
Anyone holding a position, what price did you get in at? Let’s chat in the comments.
$BTC $ETH
#IDOL #比特币 #cryptocurrency
The above is a record of my personal trading system and observations of market data. It does not constitute investment advice.
Current price: 0.02277, up 25.172% over 24 hours. The intraday high of 0.02423 was hit around dawn,
while the low of 0.016313 was still back yesterday afternoon.
A 48.532% range.
At first glance, I thought I was seeing things. I checked twice before believing it. Getting knocked down to 0.016 and then climbing back to 0.024 in a single day isn’t a move that formed gradually.
The weak hands at the bottom have been shaken out through repeated turnover during this move. Those left are holding at higher cost bases, so selling pressure was already light.
Trading volume totaled 159.41 million USDT over 24 hours, with open interest at 858.21 million contracts. Leveraged positions climbed right along with the price.
The funding rate is 0.048127%, or 52.7% annualized. Honestly, that’s not cheap. The longs keep putting money into the shorts’ pockets, and the higher the price goes, the heavier that tax gets.
When the funding rate reaches this level, it’s often when the crowding is tightest. Liquidity is like the water level in a reservoir: the higher it rises, the uglier it gets when it recedes.
So my take is simple: pay closer attention, but don’t chase the price. Wait for a pullback to around 0.0199 and see if there’s support. Only if it holds can we say this round of rotation has really changed hands.
This pool is only so big; even one more serving spoon is enough to strain it.
Anyone holding a position, what price did you get in at? Let’s chat in the comments.
$BTC $ETH
#IDOL #比特币 #cryptocurrency
The above is a record of my personal trading system and observations of market data. It does not constitute investment advice.
