Bitcoin Cash

Cryptocurrency

Polkadot

Avalanche

Tellor

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 <p class="paragraph">After a few days of high volatility, the cryptocurrency market showed low volatility on November 23. As it happens, trading volume plummets, reflecting a momentary lack of speculative open interest in long and short positions.</p>
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 <p class="paragraph">Nevertheless, it is still possible to find short squeeze potential even amid a reduced open interest volume. In particular, by looking into the correlation between opened short positions and the traded volume in a given time frame.</p>
 <p class="paragraph">Notably, four projects have a growing potential for a short squeeze if sentiment shifts from bearish to bullish until the weekend ends.</p>
 <p class="paragraph">Bitcoin Cash (BCH) has $52.61 million of opened short positions in the last 12 hours, accruing for 52.62% of its 12-hour open interest.</p>
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 <p class="paragraph">Moreover, Avalanche (AVAX) has $216.49 million (51.83%), Polkadot (DOT) has $44.55 million (52.51%), and the Tellor Network token Tributes (TRB) has $120.21 million (52.25%).</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="224" src="https://cdn.thebittimes.com/images/2023/11/24/36fe8cb64578ed5c12ff6905a9f9eaa8.webp" alt class="wp-image-139188" srcset="https://cdn.thebittimes.com/images/2023/11/24/36fe8cb64578ed5c12ff6905a9f9eaa8.webp 1024w, https://cdn.thebittimes.com/images/2023/11/24/36fe8cb64578ed5c12ff6905a9f9eaa8.webp 300w, https://cdn.thebittimes.com/images/2023/11/24/36fe8cb64578ed5c12ff6905a9f9eaa8.webp 768w, https://cdn.thebittimes.com/images/2023/11/24/36fe8cb64578ed5c12ff6905a9f9eaa8.webp 1536w, https://cdn.thebittimes.com/images/2023/11/24/36fe8cb64578ed5c12ff6905a9f9eaa8.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Long/Short ratio on derivatives. Source: <em>CoinGlass</em>
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 <p class="paragraph">In this context, Finbold looked into these <a rel="noopener noreferrer nofollow" title="cryptocurrencies" href="https://thebittimes.com/tag/cryptocurrencies.html">cryptocurrencies</a>‘ market capitalization and exchange volume to filter two out of the four that are more likely to see a short <a rel="noopener noreferrer nofollow" title="squeeze" href="https://thebittimes.com/tag/squeeze.html">squeeze</a>.</p>
 <h2 class="wp-block-heading" id="h-tellor-trb">Tellor (TRB)</h2>
 <p class="paragraph">Particularly, TRB has the highest weight in its opened short positions. The $120.21 million shorts opened in the last 12 hours are 2.4 times higher than Tellor’s 24-hour exchange volume of $49.48 million.</p>
 <p class="paragraph">Additionally, the short positions open interest capitalization is a little less than half of its total market cap of $222.51 million. Raising relevant alarms for the token’s future.</p>
 <figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="560" height="242" src="https://cdn.thebittimes.com/images/2023/11/24/4f6dcd83e613c6d9c382683c44648b3d.webp" alt class="wp-image-139189" srcset="https://cdn.thebittimes.com/images/2023/11/24/4f6dcd83e613c6d9c382683c44648b3d.webp 560w, https://cdn.thebittimes.com/images/2023/11/24/4f6dcd83e613c6d9c382683c44648b3d.webp 300w" sizes="(max-width: 560px) 100vw, 560px">
  <figcaption class="wp-element-caption">
   TRB market data. Source: <em>CoinMarketCap</em>
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 <p class="paragraph">Investors and traders must be cautious while seeking a short <a rel="noopener noreferrer nofollow" title="squeeze" href="https://thebittimes.com/tag/squeeze.html">squeeze</a> attempt, considering the token rose 700% in one year. It is important to understand that the increased short positions could be a response to this 12-month run, and TRB could be overbought at this point.</p>
 <p class="paragraph">Nevertheless, any meaningful increased demand could be enough to liquidate short-sellers in a low time frame. TRB is trading at $89.43 by press time.</p>
 <h2 class="wp-block-heading" id="avalanche-avax">Avalanche (AVAX)</h2>
 <p class="paragraph">Meanwhile, AVAX is trading at $20.72 with a capitalization of $7.37 billion and a 24-hour volume that is 7.5% of its market cap.</p>
 <p class="paragraph">Avalanche has the most relevant weight of short positions related to these metrics, with 41% of the mentioned exchange volume and 2.93% of the total market value.</p>
 <figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="560" height="242" src="https://cdn.thebittimes.com/images/2023/11/24/0fcbfc427db7e18ba2b02beb92dbe1ae.webp" alt class="wp-image-139190" srcset="https://cdn.thebittimes.com/images/2023/11/24/0fcbfc427db7e18ba2b02beb92dbe1ae.webp 560w, https://cdn.thebittimes.com/images/2023/11/24/0fcbfc427db7e18ba2b02beb92dbe1ae.webp 300w" sizes="(max-width: 560px) 100vw, 560px">
  <figcaption class="wp-element-caption">
   AVAX market data. Source: <em>CoinMarketCap</em>
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 </figure>
 <p class="paragraph">It is also notable how JPMorgan has chosen Avalanche for its blockchain endeavor, which can bring fresh demand for its native token. Therefore, AVAX could face a potential short squeeze in the coming days.</p>
 <p class="paragraph">Interestingly, both Trellor and Avalanche have seen high liquidation events in the past against short-sellers. The bearish dominance could trigger short <a rel="noopener noreferrer nofollow" title="squeeze" href="https://thebittimes.com/tag/squeeze.html">squeeze</a>s for both <a rel="noopener noreferrer nofollow" title="cryptocurrencies" href="https://thebittimes.com/tag/cryptocurrencies.html">cryptocurrencies</a> or feed a pivotal downtrend for the rest of the week.</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-23-two-cryptocurrencies-with-potential-to-skyrocket-tbt71410.html">https://thebittimes.com/short-squeeze-alert-for-november-23-two-cryptocurrencies-with-potential-to-skyrocket-tbt71410.html</a></p>

Short squeeze alert for November 23: Two cryptocurrencies with potential to skyrocket

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