Long positions are piling up, but the price isn't keeping pace.
$HIGH spot trading at $0.084, up 13.5% in the last 24 hours, with a range from $0.069 to $0.098. It looks hot, but the structure isn't that smooth. Spot volume is only $6.05M, while contracts are hitting $18.86M, giving us a volume ratio of 3.1x. Open interest is still 26.44 million, yet the funding rate is -1.4487%.
I usually don't chase these leaderboard coins. I'll either wait for a dip back to around 0.078 to see if there's support to test a 2% position, or I’ll stay out. With such a negative rate, it indicates a lot of short squeezing, but the spot volume hasn't opened up. Jumping in now could easily get you caught in both directions. $HIGH #HIGH
$HIGH spot trading at $0.084, up 13.5% in the last 24 hours, with a range from $0.069 to $0.098. It looks hot, but the structure isn't that smooth. Spot volume is only $6.05M, while contracts are hitting $18.86M, giving us a volume ratio of 3.1x. Open interest is still 26.44 million, yet the funding rate is -1.4487%.
I usually don't chase these leaderboard coins. I'll either wait for a dip back to around 0.078 to see if there's support to test a 2% position, or I’ll stay out. With such a negative rate, it indicates a lot of short squeezing, but the spot volume hasn't opened up. Jumping in now could easily get you caught in both directions. $HIGH #HIGH