$SOXL Today it fell 8.6%, yet the funding rate is stuck at 0.00000000. The price was hammered, and neither longs nor shorts are paying any premium, which suggests the old positions have been closed and new money hasn’t entered yet. In the past 24 hours, trading volume hit 2.1 billion, liquidity is ample, and there are buyers ready to take the selling pressure.
This kind of drop combined with re-centering-neutral funding rates and high-volume volume is typical of short covering buy orders being eaten by dip-buying at lower levels. OI is still capped around 670,000. In the near term, the order book is essentially betting on whether OI will be replenished by tomorrow morning, and whether funding will turn positive. If it turns positive, then this move is basically a shakeout.
Trading tag: #TradFi #链上美股 #SOXL #INTC
Technically speaking, where is the key support level for SOXL?
This kind of drop combined with re-centering-neutral funding rates and high-volume volume is typical of short covering buy orders being eaten by dip-buying at lower levels. OI is still capped around 670,000. In the near term, the order book is essentially betting on whether OI will be replenished by tomorrow morning, and whether funding will turn positive. If it turns positive, then this move is basically a shakeout.
Trading tag: #TradFi #链上美股 #SOXL #INTC
Technically speaking, where is the key support level for SOXL?