SYN might be staging the craziest short squeeze we've seen lately.
In just 5 days, it shot up from $0.058 to over $0.28, a nearly 400% gain.
But as the price climbs, more traders are going short.
Currently, short accounts make up over 70%, and the funding rate has consistently stayed above -0.2%, meaning a lot of shorts are not only betting against the trend but are also coughing up hefty funding fees.
The most interesting part of the market is right here:
If everyone is bullish, the rally could easily come to an end;
But when 70% are waiting for a dip, every rise could trigger short-squeeze stop-losses.
Of course, the risks are increasing.
After such a massive surge, buying pressure is starting to wane, and we’re seeing noticeable sell pressure around the $0.30 mark.
Next, we should closely watch two key levels:
Can $0.30 truly hold?
Is there still buying support around $0.25 on any pullbacks?
The trend is still in the bulls' hands, but chasing the pump or going short at this level isn’t an easy way to make profits.
#SYN #Altcoins #BinanceSquare
In just 5 days, it shot up from $0.058 to over $0.28, a nearly 400% gain.
But as the price climbs, more traders are going short.
Currently, short accounts make up over 70%, and the funding rate has consistently stayed above -0.2%, meaning a lot of shorts are not only betting against the trend but are also coughing up hefty funding fees.
The most interesting part of the market is right here:
If everyone is bullish, the rally could easily come to an end;
But when 70% are waiting for a dip, every rise could trigger short-squeeze stop-losses.
Of course, the risks are increasing.
After such a massive surge, buying pressure is starting to wane, and we’re seeing noticeable sell pressure around the $0.30 mark.
Next, we should closely watch two key levels:
Can $0.30 truly hold?
Is there still buying support around $0.25 on any pullbacks?
The trend is still in the bulls' hands, but chasing the pump or going short at this level isn’t an easy way to make profits.
#SYN #Altcoins #BinanceSquare