$ZEC 1206.04, down 4.78% in a day. What truly didn’t collapse wasn’t the price, but the funding rate.
Of the fourteen settlement periods, only two were negative, both packed into the eight hours from yesterday afternoon to midnight. After that, the next two climbed steadily back to 0.0001.
Just those two periods.
The bears had no intention of paying much more.
The heaviest selling pressure came during today’s noon four-hour period: 100008 contracts bought aggressively and 129359 contracts sold aggressively, a ratio of 0.7731, closing at 1192.89.
Yet the funding rate turned positive in the very next period. $XMR fell just 1.31% over the same period, so this drop in privacy coins isn’t affecting the whole sector.
Open interest, meanwhile, only fell from 438460 contracts to 422143, a decrease of 16317 contracts, or 3.72%—less than the 4.78% drop.
Contract counts don’t indicate direction, so it’s only speculation that the reduction in open interest came from closing positions rather than new shorts.
A break above the 1249.17 resistance points to 1288.25; if it falls below 1176.98, don’t try to catch it—the next level is 1120.01. Keep an eye on this level.
The far-right candle hasn’t finished forming.
Source: https://fapi.binance.com/fapi/v1/fundingRate?symbol=ZECUSDT
Did you reduce your position during those two periods when the funding rate turned negative?
Of the fourteen settlement periods, only two were negative, both packed into the eight hours from yesterday afternoon to midnight. After that, the next two climbed steadily back to 0.0001.
Just those two periods.
The bears had no intention of paying much more.
The heaviest selling pressure came during today’s noon four-hour period: 100008 contracts bought aggressively and 129359 contracts sold aggressively, a ratio of 0.7731, closing at 1192.89.
Yet the funding rate turned positive in the very next period. $XMR fell just 1.31% over the same period, so this drop in privacy coins isn’t affecting the whole sector.
Open interest, meanwhile, only fell from 438460 contracts to 422143, a decrease of 16317 contracts, or 3.72%—less than the 4.78% drop.
Contract counts don’t indicate direction, so it’s only speculation that the reduction in open interest came from closing positions rather than new shorts.
A break above the 1249.17 resistance points to 1288.25; if it falls below 1176.98, don’t try to catch it—the next level is 1120.01. Keep an eye on this level.
The far-right candle hasn’t finished forming.
Source: https://fapi.binance.com/fapi/v1/fundingRate?symbol=ZECUSDT
Did you reduce your position during those two periods when the funding rate turned negative?
