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Binance gives HYPE and TRX the same 75x cap – Which faces more risk?
Binance is rolling out two new perpetual contracts on the 11th of Nov HYPEUSDC and TRXUSDC both with up to 75x leverage, according to an exchange notice posted on its website. But the timing could not be more sensitive.
Just a day ago, on the 10th of Nov, Binance warned its users about an iOS flaw called “worse_query,” through which malicious actors can read seed phrases and private keys on the user’s Apple device.
Though no attacks have been confirmed, the warning has done nothing to help investor sentiment. Similarly, this news has done nothing to boost expectations around HYPE and TRX as well, which were already struggling before the announcement.
Why HYPE can be the first to fall
HYPE is down 3.4% over the last 24 hours and 14.7% over the past week. It was trading at 72.15 at press time, per CoinGecko. Meanwhile, the Long/Short Ratio was 2.62, implying that traders are betting against the downtrend.
If price keeps sliding, leveraged longs will get liquidated, potentially leading to a liquidation cascade. It is safe to assume that a 75x contract doesn’t fix anything if HYPE cannot recover on its own.
trx refuses to budge
Per AMBCrypto’s look at TradingView’s 1M chart, trx has just been consolidating near 0.31–0.35.
Currently, RSI is at 60.27, showing that buyers have had the upper hand recently. The price is not overbought yet, and trx has more scope to rise
At press time, Trx Open Interest was stagnant at 165.3 million as well, showing a lean toward sellers – but there’s nothing decisive yet. TRX is showing no breakout, no breakdown, and no clear signal
So, even if the new contract brings some extra volume, one can safely assume that Trx consolidation will continue.
#Write2Earn #TRX #hype $TRX $HYPE
Binance gives HYPE and TRX the same 75x cap – Which faces more risk?
Binance is rolling out two new perpetual contracts on the 11th of Nov HYPEUSDC and TRXUSDC both with up to 75x leverage, according to an exchange notice posted on its website. But the timing could not be more sensitive.
Just a day ago, on the 10th of Nov, Binance warned its users about an iOS flaw called “worse_query,” through which malicious actors can read seed phrases and private keys on the user’s Apple device.
Though no attacks have been confirmed, the warning has done nothing to help investor sentiment. Similarly, this news has done nothing to boost expectations around HYPE and TRX as well, which were already struggling before the announcement.
Why HYPE can be the first to fall
HYPE is down 3.4% over the last 24 hours and 14.7% over the past week. It was trading at 72.15 at press time, per CoinGecko. Meanwhile, the Long/Short Ratio was 2.62, implying that traders are betting against the downtrend.
If price keeps sliding, leveraged longs will get liquidated, potentially leading to a liquidation cascade. It is safe to assume that a 75x contract doesn’t fix anything if HYPE cannot recover on its own.
trx refuses to budge
Per AMBCrypto’s look at TradingView’s 1M chart, trx has just been consolidating near 0.31–0.35.
Currently, RSI is at 60.27, showing that buyers have had the upper hand recently. The price is not overbought yet, and trx has more scope to rise
At press time, Trx Open Interest was stagnant at 165.3 million as well, showing a lean toward sellers – but there’s nothing decisive yet. TRX is showing no breakout, no breakdown, and no clear signal
So, even if the new contract brings some extra volume, one can safely assume that Trx consolidation will continue.
#Write2Earn #TRX #hype $TRX $HYPE
