SYN's been quite interesting lately.
In just 5 days, it shot up from $0.038 to over $0.13, a whopping increase of over 240%, yet the market sentiment hasn't flipped bullish.
Currently, short accounts still represent over 65%, and the funding rate has been negative for five consecutive periods, hitting a recent low of -0.171%. To put it simply, a lot of traders are shorting, and they keep paying the funding fees.
What's even more intriguing is that in the last 30 minutes, there's been a consistent dominance of active buying, indicating that the price rise isn't driven by retail FOMO but rather by capital actively accumulating.
Right now, the critical levels in the market are clear:
Resistance is seen at the $0.155-$0.163 zone;
If we break through effectively, we might trigger a new round of short squeezes and stop-loss hunts;
On the downside, keep an eye on the $0.12 and $0.109 support levels.
Of course, the risks are evident, that 240% jump in 5 days isn't small, chasing after highs is never a comfortable position.
Moving forward, the biggest point of interest for SYN isn't how much higher it can go, but whether $0.163 will act as a ceiling or the starting point for the next squeeze.
#SYN #Altcoins #BinanceSquare
In just 5 days, it shot up from $0.038 to over $0.13, a whopping increase of over 240%, yet the market sentiment hasn't flipped bullish.
Currently, short accounts still represent over 65%, and the funding rate has been negative for five consecutive periods, hitting a recent low of -0.171%. To put it simply, a lot of traders are shorting, and they keep paying the funding fees.
What's even more intriguing is that in the last 30 minutes, there's been a consistent dominance of active buying, indicating that the price rise isn't driven by retail FOMO but rather by capital actively accumulating.
Right now, the critical levels in the market are clear:
Resistance is seen at the $0.155-$0.163 zone;
If we break through effectively, we might trigger a new round of short squeezes and stop-loss hunts;
On the downside, keep an eye on the $0.12 and $0.109 support levels.
Of course, the risks are evident, that 240% jump in 5 days isn't small, chasing after highs is never a comfortable position.
Moving forward, the biggest point of interest for SYN isn't how much higher it can go, but whether $0.163 will act as a ceiling or the starting point for the next squeeze.
#SYN #Altcoins #BinanceSquare