Saw another coin with a short-term violent pump $MAGIC , surging 87% in 24 hours, climbing all the way from 0.06 in just a few days, doubling in gains.
Honestly, this coin belongs to the gaming sector, which I usually don't research or consider for spot positions. Purely from the market perspective, this rally is entirely a sentiment-driven move fueled by concentrated capital inflows. The short-term surge is too fast, with an overextended increase and no solid trend support.
Looking at the contract long-short data, currently short accounts make up as much as 71.11%, with the vast majority of the market shorting in line with the trend, betting on a pullback after the spike. This pattern is a classic extreme capital game: a large number of shorts are concentrated in ambush, so if the main force continues to push up, it can easily trigger a short squeeze; but conversely, after continuous violent gains, a huge amount of profit-taking positions have accumulated, and capital can cash out and flee at any time, making the correction risk very high.
Based on this logic: I tried to enter a short position, but unexpectedly got trapped right away 😂
Fortunately, the position size is small this time, so I can average down by adding on dips and slowly wait to break even.
Is there anyone more familiar with this coin? Not sure if after this volatility, I can smoothly make some money for a cup of milk tea and exit!
⚠️ The above is just my personal trading experience and does not constitute investment advice. Profit and loss are your own responsibility.#STRKRisesAbout20%In24Hours
Honestly, this coin belongs to the gaming sector, which I usually don't research or consider for spot positions. Purely from the market perspective, this rally is entirely a sentiment-driven move fueled by concentrated capital inflows. The short-term surge is too fast, with an overextended increase and no solid trend support.
Looking at the contract long-short data, currently short accounts make up as much as 71.11%, with the vast majority of the market shorting in line with the trend, betting on a pullback after the spike. This pattern is a classic extreme capital game: a large number of shorts are concentrated in ambush, so if the main force continues to push up, it can easily trigger a short squeeze; but conversely, after continuous violent gains, a huge amount of profit-taking positions have accumulated, and capital can cash out and flee at any time, making the correction risk very high.
Based on this logic: I tried to enter a short position, but unexpectedly got trapped right away 😂
Fortunately, the position size is small this time, so I can average down by adding on dips and slowly wait to break even.
Is there anyone more familiar with this coin? Not sure if after this volatility, I can smoothly make some money for a cup of milk tea and exit!
⚠️ The above is just my personal trading experience and does not constitute investment advice. Profit and loss are your own responsibility.#STRKRisesAbout20%In24Hours