Old dog has been eyeing $PLTR for two weeks, and this time it shot up 7.24% in 24 hours, which is definitely interesting. The price tagged at 156.87, but the funding rate stayed flat at 0.00000000, so neither longs nor shorts are paying interest to each other. Open interest stands at 24,900 contracts; not explosive, but the trading volume kicked up to 30.56 million, nearly doubling from the sluggish days before, and the turnover is legit.
A zero funding rate usually indicates a lack of consensus in the market direction. In times like this, a hard bullish candlestick is worth pondering. With no one rushing to go long, there aren’t many hidden orders lurking around waiting to cash in. I've seen too many times when the funding rate spikes, the bulls end up carrying the price down themselves. Right now, $PLTR is in a state where bulls are unburdened, and bears aren’t cornered, purely pushed up by spot market funds. If this rhythm holds, it could easily lead to a second wave. But don’t get too hyped; above 157, the 160 zone is where a lot of positions are clustered. Many got caught holding the knife back then, so selling pressure won’t be light.
My plan is pretty straightforward. I’ll wait for it to pull back to 150 without breaking, then I’ll go in with half my spot position, with a stop-loss just below 148, betting on a breakthrough at 160 with a decent risk-reward ratio.
Trading tags: #BinanceFutures #TradFi #USDⓈM #PLTR #PLTRUSDT $PLTR
A zero funding rate usually indicates a lack of consensus in the market direction. In times like this, a hard bullish candlestick is worth pondering. With no one rushing to go long, there aren’t many hidden orders lurking around waiting to cash in. I've seen too many times when the funding rate spikes, the bulls end up carrying the price down themselves. Right now, $PLTR is in a state where bulls are unburdened, and bears aren’t cornered, purely pushed up by spot market funds. If this rhythm holds, it could easily lead to a second wave. But don’t get too hyped; above 157, the 160 zone is where a lot of positions are clustered. Many got caught holding the knife back then, so selling pressure won’t be light.
My plan is pretty straightforward. I’ll wait for it to pull back to 150 without breaking, then I’ll go in with half my spot position, with a stop-loss just below 148, betting on a breakthrough at 160 with a decent risk-reward ratio.
Trading tags: #BinanceFutures #TradFi #USDⓈM #PLTR #PLTRUSDT $PLTR