Is the Starknet dump done, or are the longs just not finished paying for it? 💸
$STRK funding is still positive at +0.005% with the price at 0.06095 USDT, -10.54% in the last 24 hours and -45.93% on the week, so longs are paying shorts to stay in a trade that has gone against them every day since the top. Bitcoin at 81,189 is -0.47% today and -2.34% on the week, which makes this slide Starknet's own. The backstory: the token ran hard into October 11 on talk that Starknet could leave Ethereum for its own layer 1, then 127 million STRK unlocked on October 15, the VIP program for STRK and strkBTC holders went live on October 16, and none of it put a floor under the chart. 📉
Where it sits: 0.06095 is a whisker above the 0.06024 low of the day, with the range top at 0.06873 a long way up, on 17M USDT of volume. Positive funding at the bottom of a range like that says the crowd is still leaning the wrong way for a bounce, and a flip to negative funding with the price holding would read as the longs finally flushed, which is the picture that would change my mind on $STRK . 🔍
The level I'm watching is 0.06024, the 24h low, not a target.
#STRK #Starknet #FundingRates #TokenUnlock
$STRK funding is still positive at +0.005% with the price at 0.06095 USDT, -10.54% in the last 24 hours and -45.93% on the week, so longs are paying shorts to stay in a trade that has gone against them every day since the top. Bitcoin at 81,189 is -0.47% today and -2.34% on the week, which makes this slide Starknet's own. The backstory: the token ran hard into October 11 on talk that Starknet could leave Ethereum for its own layer 1, then 127 million STRK unlocked on October 15, the VIP program for STRK and strkBTC holders went live on October 16, and none of it put a floor under the chart. 📉
Where it sits: 0.06095 is a whisker above the 0.06024 low of the day, with the range top at 0.06873 a long way up, on 17M USDT of volume. Positive funding at the bottom of a range like that says the crowd is still leaning the wrong way for a bounce, and a flip to negative funding with the price holding would read as the longs finally flushed, which is the picture that would change my mind on $STRK . 🔍
The level I'm watching is 0.06024, the 24h low, not a target.
#STRK #Starknet #FundingRates #TokenUnlock