$SIGN Tapped the daily high, then a long upper wick gave back gains; shorts are getting more crowded, so don't chase them
During the overnight session, the price gradually climbed from around 0.0085, then surged on heavy volume at 23:00 to 0.00938. At 00:00, it spiked to a daily high of 0.009802 before a long upper wick knocked it back to around 0.00913. The current price is around 0.00912, up about 6.9% over 24 hours, with roughly 13.8 million U in trading volume. OI contract count rose from about 270 million to 316 million—up nearly 20% against the move. Around 60–70% of retail accounts are short, and the funding rate is slightly positive.
My take: The pullback after the spike is evident, but shorts are crowded and open interest is still rising, making it less worthwhile to chase shorts. The short thesis would look cleaner after a break below 0.009 accompanied by falling OI; if the price reclaims 0.0095, shorts will be even more crowded. The official account has been silent for nearly two days; this is purely order-book action. What do you make of this upper wick?
#SIGN摸日高回吐 #Crowded short accounts
During the overnight session, the price gradually climbed from around 0.0085, then surged on heavy volume at 23:00 to 0.00938. At 00:00, it spiked to a daily high of 0.009802 before a long upper wick knocked it back to around 0.00913. The current price is around 0.00912, up about 6.9% over 24 hours, with roughly 13.8 million U in trading volume. OI contract count rose from about 270 million to 316 million—up nearly 20% against the move. Around 60–70% of retail accounts are short, and the funding rate is slightly positive.
My take: The pullback after the spike is evident, but shorts are crowded and open interest is still rising, making it less worthwhile to chase shorts. The short thesis would look cleaner after a break below 0.009 accompanied by falling OI; if the price reclaims 0.0095, shorts will be even more crowded. The official account has been silent for nearly two days; this is purely order-book action. What do you make of this upper wick?
#SIGN摸日高回吐 #Crowded short accounts
