$IDOL
IDOL's listing on KuCoin was followed by a wave of selling, a pattern that often repeats after positive news. The break below 0.0196 changes the picture more than the drop itself to 0.0178, since that was the area buyers had defended in previous sessions.
The funding rate remains positive, and that's the problem. Long positions haven't been closed and remain crowded, so any additional pressure could accelerate their liquidation. I don't have precise data on the size of those positions, but the positive funding trend indicates that the market hasn't shaken them off yet. Slowing trading volume during the decline could open the door to a limited technical bounce, but it would be a bounce within a downtrend, not a reversal.
The 0.0170–0.0179 support range is worth watching. Resistance is at 0.0196, then 0.0210, and I don't see a genuine shift unless 0.0196 is reclaimed first.
I lean toward selling pressure not being over, and if a bounce occurs, it would be an opportunity to reduce positions, not build new ones. This is analysis, not advice.
#IDOL #MEET48 #BinanceSquare
IDOL's listing on KuCoin was followed by a wave of selling, a pattern that often repeats after positive news. The break below 0.0196 changes the picture more than the drop itself to 0.0178, since that was the area buyers had defended in previous sessions.
The funding rate remains positive, and that's the problem. Long positions haven't been closed and remain crowded, so any additional pressure could accelerate their liquidation. I don't have precise data on the size of those positions, but the positive funding trend indicates that the market hasn't shaken them off yet. Slowing trading volume during the decline could open the door to a limited technical bounce, but it would be a bounce within a downtrend, not a reversal.
The 0.0170–0.0179 support range is worth watching. Resistance is at 0.0196, then 0.0210, and I don't see a genuine shift unless 0.0196 is reclaimed first.
I lean toward selling pressure not being over, and if a bounce occurs, it would be an opportunity to reduce positions, not build new ones. This is analysis, not advice.
#IDOL #MEET48 #BinanceSquare
