$BEAT This currency is quite interesting; the high funding rate makes the shorting cost extremely high, and the short-term bulls can still hold on. However, the outcome will definitely be like last night's $LIGHT , a waterfall crash.
On the technical side, it couldn't stabilize after reaching 4.3760, and now it's hovering around 4.1. The 15-minute and 1-hour moving averages haven't completely turned bad yet, and the bullish pattern hasn't fully broken. On the funding side, it's even more evident; the large traders' long-short ratio, whether in terms of account numbers or positions, is skewed towards bulls. The traders on that side are also making a fortune, while the bears are suffering heavily.
However, this high funding rate is a double-edged sword. Right now, the bulls are enjoying the funding rate dividends, but once the sentiment turns, if the bears really start to attack, coupled with the backlash from the funding rate, the drop can be quite fierce. In the short term, we can first see if the bulls can make another push; if they can't break through 4.3760, then the opportunity to short will arise, and at that time, the pressure from the funding rate will also help the bears push the market down.
