At 11 this morning, when $KOMA surged on heavy volume, longs still made up about 61% of contract accounts. By 4 p.m., shorts had risen to about 55%.
The price didn't collapse. The perpetual price is currently around 0.0220, up about 40% over 24 hours, with roughly 125 million U in trading volume. The 11 a.m. hourly candle climbed from around 0.0166 to 0.0203, and at 3 p.m. the price peaked at 0.02299. I haven't seen any new announcements from the project today.
Open interest is also rising: at 11 a.m. it was about 489 million tokens, with a notional value of around 8.11 million U; at 4 p.m. it was about 663 million tokens, with a notional value of around 14.11 million U. Short positions among large accounts have also reached about 59%. During these hours of gains, shorts have been piling in.
I'm leaning bullish here. The new shorts only piled in this afternoon, while open interest is still near a new high and the price remains above this move's levels. If it falls back to around 0.0166 tonight and open interest drops along with it, that would mean the new shorts were right, and this view would no longer hold.
#KOMA $KOMA
The price didn't collapse. The perpetual price is currently around 0.0220, up about 40% over 24 hours, with roughly 125 million U in trading volume. The 11 a.m. hourly candle climbed from around 0.0166 to 0.0203, and at 3 p.m. the price peaked at 0.02299. I haven't seen any new announcements from the project today.
Open interest is also rising: at 11 a.m. it was about 489 million tokens, with a notional value of around 8.11 million U; at 4 p.m. it was about 663 million tokens, with a notional value of around 14.11 million U. Short positions among large accounts have also reached about 59%. During these hours of gains, shorts have been piling in.
I'm leaning bullish here. The new shorts only piled in this afternoon, while open interest is still near a new high and the price remains above this move's levels. If it falls back to around 0.0166 tonight and open interest drops along with it, that would mean the new shorts were right, and this view would no longer hold.
#KOMA $KOMA
