$8.00 held to the cent — and $374M of open interest is crowded into AVAX's range.
AVAX tagged exactly $8.00 and bounced to $8.24, down just 1.1% while BTC fell 4.5%. Five sessions: AVAX +6.3%, BTC -7.4%. The $9.05 wall from 11 Nov still hasn't broken — the test flipped to the floor instead.
Open interest is the money in open leveraged bets — $374M here, crowded, top fifth of the past year. Funding is the fee longs pay shorts to stay long: at +0.0035% per 8 hours it's nearly flat. No lean — and 84% of today's $1.34M in liquidations were longs.
I'm neutral-to-cautious: a crowded range with flat funding is a coiled spring, and the side that breaks first decides the week.
$9.05 is the trigger: a daily close above it breaks the wall and opens $9.65. Losing $8.00 opens $7.77.
Floor or wall — $8.00 or $9.05, which breaks first?
Data: Finnhub, 22:30 UTC; OI/funding CoinGlass, 19:43 UTC.
Not financial advice. DYOR.
#AVAX #FundingRates #CryptoMarket
AVAX tagged exactly $8.00 and bounced to $8.24, down just 1.1% while BTC fell 4.5%. Five sessions: AVAX +6.3%, BTC -7.4%. The $9.05 wall from 11 Nov still hasn't broken — the test flipped to the floor instead.
Open interest is the money in open leveraged bets — $374M here, crowded, top fifth of the past year. Funding is the fee longs pay shorts to stay long: at +0.0035% per 8 hours it's nearly flat. No lean — and 84% of today's $1.34M in liquidations were longs.
I'm neutral-to-cautious: a crowded range with flat funding is a coiled spring, and the side that breaks first decides the week.
$9.05 is the trigger: a daily close above it breaks the wall and opens $9.65. Losing $8.00 opens $7.77.
Floor or wall — $8.00 or $9.05, which breaks first?
Data: Finnhub, 22:30 UTC; OI/funding CoinGlass, 19:43 UTC.
Not financial advice. DYOR.
#AVAX #FundingRates #CryptoMarket
