Not long ago, there was a similar hot coin that dropped nearly ten points right after launch, and the funding rate was still positive. Back then, I advised not to rush into bottom fishing. What happened? It took another hit before stabilizing. Today, looking at how $SKYAI is moving, I can relate.
It's dropped almost 10 points in the last 24 hours, crashing from 0.22 to around 0.176, with a trading volume close to 150 million coins and a trading value approaching 30 million dollars. Such a high turnover rate indicates that someone is offloading their bags; this isn’t just retail investors playing around. The funding rate is at +0.0149%, which looks positive, but the absolute value is very low. This means the bulls are still paying a bit of holding cost, but we’re not at panic liquidation levels yet. This implies that the long positions haven't been fully flushed out, and the fear-driven sell-off hasn’t reached extreme levels.
As long as the funding rate doesn't turn negative or we don't see a large wave of liquidations, the chances of this downward drift or further dips are higher. For those looking to bottom fish, hold off a bit longer until the funding rate flips green or we confirm support on a secondary dip; it's not too late. The short-term target is to see if 0.17 can hold; if it can’t, then we could see levels below 0.15.
#SKYAI
It's dropped almost 10 points in the last 24 hours, crashing from 0.22 to around 0.176, with a trading volume close to 150 million coins and a trading value approaching 30 million dollars. Such a high turnover rate indicates that someone is offloading their bags; this isn’t just retail investors playing around. The funding rate is at +0.0149%, which looks positive, but the absolute value is very low. This means the bulls are still paying a bit of holding cost, but we’re not at panic liquidation levels yet. This implies that the long positions haven't been fully flushed out, and the fear-driven sell-off hasn’t reached extreme levels.
As long as the funding rate doesn't turn negative or we don't see a large wave of liquidations, the chances of this downward drift or further dips are higher. For those looking to bottom fish, hold off a bit longer until the funding rate flips green or we confirm support on a secondary dip; it's not too late. The short-term target is to see if 0.17 can hold; if it can’t, then we could see levels below 0.15.
#SKYAI