Down 23% in two hours, then back up 48% over the next nine hours—$MAGMA gave both bulls and bears a rough ride last night.
Last night, it plunged from 0.3166 at 19:00 to 0.2434 at 20:00, then climbed steadily to 0.3608 this morning. It’s now around 0.342, up 50% from the November 8 low.
▪️ Coins held: 18.46 million → 24.22 million
▪️ Long/short account ratio: 1.52 → 0.98
▪️ Funding rate: about +0.03% every 4 hours
The second figure stands out most to me: the price rose 30%, yet the number of long accounts fell while positions increased. Either shorts are pushing the price up, or a few large positions are driving the move.
A: The ratio climbs back above 1, followed by another leg up
B: Large positions take profits first, and the price falls back below 0.30
#MAGMA #Futures Watch
Last night, it plunged from 0.3166 at 19:00 to 0.2434 at 20:00, then climbed steadily to 0.3608 this morning. It’s now around 0.342, up 50% from the November 8 low.
▪️ Coins held: 18.46 million → 24.22 million
▪️ Long/short account ratio: 1.52 → 0.98
▪️ Funding rate: about +0.03% every 4 hours
The second figure stands out most to me: the price rose 30%, yet the number of long accounts fell while positions increased. Either shorts are pushing the price up, or a few large positions are driving the move.
A: The ratio climbs back above 1, followed by another leg up
B: Large positions take profits first, and the price falls back below 0.30
#MAGMA #Futures Watch