Cryptocurrency

Bitcoin

USDC

Polygon

Chainlink

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 <p class="paragraph">After BlackRock’s disclosure of the risks USDT and USDC can bring to Bitcoin (BTC), the BIS published a study about stablecoins. Majorly with a negative bias, this most recent study triggered bearish volatility in the cryptocurrency market.</p>
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 <p class="paragraph">As expected, some cryptocurrencies more exposed to this asset class presented a worse performance. However, when bears dominate the overall sentiment, bulls usually see opportunity. In particular, a heavy-weighted amount of short over long positions could proportionate a short-squeeze opportunity for traders.</p>
 <p class="paragraph">With that in mind, Finbold retrieved long/short ratio data from <em>CoinGlass</em> on November 17. Notably, two cryptocurrencies among the index’s top 10 are showing a massive unbalance with high capitalized short positions.</p>
 <p class="paragraph">In order to filter the most relevant short-<a rel="noopener noreferrer nofollow" title="squeeze" href="https://thebittimes.com/tag/squeeze.html">squeeze</a> possibilities, Finbold also looked at the total volume of opened shorts in 12 and 24 hours, adjusted by each asset’s market cap and exchanged volume.</p>
 <h2 class="wp-block-heading" id="h-short-squeeze-alert-for-chainlink-link">Short squeeze alert for Chainlink (LINK)</h2>
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 <p class="paragraph">Chainlink (LINK), the Oracle blockchain built to connect real-world data with the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency space, took a huge hit. LINK is trading at $13.47 per token by press time, with losses of 9.20% in the last 24 hours.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/11/17/b3a6648d6ae9122f98a4607b94496971.webp" alt class="wp-image-137974" srcset="https://cdn.thebittimes.com/images/2023/11/17/b3a6648d6ae9122f98a4607b94496971.webp 1024w, https://cdn.thebittimes.com/images/2023/11/17/b3a6648d6ae9122f98a4607b94496971.webp 300w, https://cdn.thebittimes.com/images/2023/11/17/b3a6648d6ae9122f98a4607b94496971.webp 768w, https://cdn.thebittimes.com/images/2023/11/17/b3a6648d6ae9122f98a4607b94496971.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   LINK 1-day price chart. Source: Finbold
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 <p class="paragraph">In this context, Chainlink’s market capitalization dropped to $7.5 billion with a 24-hour volume of $805 million on <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchanges.</p>
 <p class="paragraph">Interestingly, its 24-hour short position amount on futures is $773.20 million, for 53.12% of all contracts in this time frame. The 12-hour time frame is as bearish, with $269.47 million for a 53.03% ratio.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="49" src="https://cdn.thebittimes.com/images/2023/11/17/c567b2ed5ccb55dacfd6e48611079e62.webp" alt class="wp-image-137976" srcset="https://cdn.thebittimes.com/images/2023/11/17/c567b2ed5ccb55dacfd6e48611079e62.webp 1024w, https://cdn.thebittimes.com/images/2023/11/17/c567b2ed5ccb55dacfd6e48611079e62.webp 300w, https://cdn.thebittimes.com/images/2023/11/17/c567b2ed5ccb55dacfd6e48611079e62.webp 768w, https://cdn.thebittimes.com/images/2023/11/17/c567b2ed5ccb55dacfd6e48611079e62.webp 1536w, https://cdn.thebittimes.com/images/2023/11/17/c567b2ed5ccb55dacfd6e48611079e62.webp 2024w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   LINK Long/Short ratio on 12 and 24 hours. Source: <em>CoinGlass</em>
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 </figure>
 <h2 class="wp-block-heading" id="will-polygon-matic-be-short-squeezed">Will Polygon (MATIC) be short-squeezed?</h2>
 <p class="paragraph">Another heavy-weighted cryptocurrency for short positions is Polygon (MATIC). MATIC has slightly fewer opened short contracts in dollars, with $217.51 million (52%) in the last 12 hours and $657.76 million (52.62%) in 24 hours.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="49" src="https://cdn.thebittimes.com/images/2023/11/17/e5a88d0b7a950a484dd045c1ebc7ba67.webp" alt class="wp-image-137977" srcset="https://cdn.thebittimes.com/images/2023/11/17/e5a88d0b7a950a484dd045c1ebc7ba67.webp 1024w, https://cdn.thebittimes.com/images/2023/11/17/e5a88d0b7a950a484dd045c1ebc7ba67.webp 300w, https://cdn.thebittimes.com/images/2023/11/17/e5a88d0b7a950a484dd045c1ebc7ba67.webp 768w, https://cdn.thebittimes.com/images/2023/11/17/e5a88d0b7a950a484dd045c1ebc7ba67.webp 1536w, https://cdn.thebittimes.com/images/2023/11/17/e5a88d0b7a950a484dd045c1ebc7ba67.webp 2024w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   MATIC Long/Short ratio on 12 and 24 hours. Source: <em>CoinGlass</em>
  </figcaption>
 </figure>
 <p class="paragraph">Polygon’s native token is trading at $0.83 by press time, losing 10.17% in the day. Nevertheless, MATIC has a slightly higher capitalization of $7.70 billion than LINK’s, with a higher 24-hour volume of $815 million, making it less likely for a short <a rel="noopener noreferrer nofollow" title="squeeze" href="https://thebittimes.com/tag/squeeze.html">squeeze</a> to happen.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/11/17/75a6c7809de3d9f65dc00bf279191ce2.webp" alt class="wp-image-137978" srcset="https://cdn.thebittimes.com/images/2023/11/17/75a6c7809de3d9f65dc00bf279191ce2.webp 1024w, https://cdn.thebittimes.com/images/2023/11/17/75a6c7809de3d9f65dc00bf279191ce2.webp 300w, https://cdn.thebittimes.com/images/2023/11/17/75a6c7809de3d9f65dc00bf279191ce2.webp 768w, https://cdn.thebittimes.com/images/2023/11/17/75a6c7809de3d9f65dc00bf279191ce2.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   MATIC 1-day price chart. Source: Finbold
  </figcaption>
 </figure>
 <p class="paragraph">In the meantime, despite a lower proportional ratio among Polygon’s short positions and its volume or capitalization in comparison to Chainlink, both have higher short <a rel="noopener noreferrer nofollow" title="squeeze" href="https://thebittimes.com/tag/squeeze.html">squeeze</a> signals than most of the other projects.</p>
 <p class="paragraph">Essentially, LINK has 10.3% of its market cap in opened short positions in the last 24 hours, while MATIC has 8.5% of the same metric.</p>
 <p class="paragraph">It is important to say that there are no guarantees that a short squeeze will happen with these tokens. Investors must do their own research and consider other data to make profitable financial decisions. A higher amount of short positions can also indicate a dominating bearish trend.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/short-squeeze-alert-for-november-17-two-cryptocurrencies-with-potential-to-skyrocket-tbt70674.html">https://thebittimes.com/short-squeeze-alert-for-november-17-two-cryptocurrencies-with-potential-to-skyrocket-tbt70674.html</a></p>

Short squeeze alert for November 17: Two cryptocurrencies with potential to skyrocket

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