$MMT Today, it pumped 9%, but I missed the boat.
Contract volume hit $8.33M, while spot only did $2.01M, giving us a ratio of 4.2x. I’m not a fan of this structure— the pump is driven by contracts, not by spot buy orders.
Funding rate is at -0.0335%, and a negative rate coupled with price increase indicates that shorts are either hedging or getting squeezed, while longs aren’t really loading up. Open interest stands at 23.81M MMT, and I haven’t seen any signs of OI moving in sync with the price.
The intraday high and low are $0.1351 / $0.1178, with a volatility close to 15%. There were 12,724 trades, and the average trade size is pretty small. This looks like retail traders are in the game, not institutions building positions.
Typically, this structure leads to two outcomes: either the shorts get wiped out, and the price drops naturally, or there’s actually some capital coming in to boost the spot trading volume.
I’m waiting for spot trading volume to exceed contract volume for two consecutive hours before making a move. Right now, I’ve set a limit order at $0.1180; if it dips to that level, I’ll open a 3% position to go long, with a stop loss at $0.1100—no chasing the highs.
$MMT #MMT #cryptocurrency
I could be wrong, just my take.
Contract volume hit $8.33M, while spot only did $2.01M, giving us a ratio of 4.2x. I’m not a fan of this structure— the pump is driven by contracts, not by spot buy orders.
Funding rate is at -0.0335%, and a negative rate coupled with price increase indicates that shorts are either hedging or getting squeezed, while longs aren’t really loading up. Open interest stands at 23.81M MMT, and I haven’t seen any signs of OI moving in sync with the price.
The intraday high and low are $0.1351 / $0.1178, with a volatility close to 15%. There were 12,724 trades, and the average trade size is pretty small. This looks like retail traders are in the game, not institutions building positions.
Typically, this structure leads to two outcomes: either the shorts get wiped out, and the price drops naturally, or there’s actually some capital coming in to boost the spot trading volume.
I’m waiting for spot trading volume to exceed contract volume for two consecutive hours before making a move. Right now, I’ve set a limit order at $0.1180; if it dips to that level, I’ll open a 3% position to go long, with a stop loss at $0.1100—no chasing the highs.
$MMT #MMT #cryptocurrency
I could be wrong, just my take.