The harder it pumps, the less I dare touch it. Here’s why. $INIT is up 69.28% in a day, trading at 0.2937. That kind of slope looks thrilling, but I bet anyone holding it has sweaty palms.
Plainly put: it’s up nearly 70% in a day. Anyone chasing it is betting it can surge again tomorrow, while the funding rate has already hit -1.0%, leaving shorts in a lot of pain. At levels like this, both bulls and bears are on edge—whoever blinks first gets burned.
I’d rather sit tight and watch for now, because sentiment is driving much of this rally. But if it can hold on to most of today’s gains tomorrow without giving them back, I’ll admit this move may not be over and take another look.
With the funding rate at -1.0%, do you think the shorts have been squeezed out, or are they waiting for an even higher entry point?
$INIT
#INIT #Market Analysis
Plainly put: it’s up nearly 70% in a day. Anyone chasing it is betting it can surge again tomorrow, while the funding rate has already hit -1.0%, leaving shorts in a lot of pain. At levels like this, both bulls and bears are on edge—whoever blinks first gets burned.
I’d rather sit tight and watch for now, because sentiment is driving much of this rally. But if it can hold on to most of today’s gains tomorrow without giving them back, I’ll admit this move may not be over and take another look.
With the funding rate at -1.0%, do you think the shorts have been squeezed out, or are they waiting for an even higher entry point?
$INIT
#INIT #Market Analysis