Stacks

2024

Toncoin

Foundation

<div class="finbold">
 <p class="paragraph">High open interest volume, negative funding rates, and upward accumulated liquidations can indicate a potential short <a rel="noopener noreferrer nofollow" title="squeeze" href="https://thebittimes.com/tag/squeeze.html">squeeze</a> for <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies. In particular, Finbold spotted significant indicators for BNB Chain (BNB) and Toncoin (TON), signaling a short <a rel="noopener noreferrer nofollow" title="squeeze" href="https://thebittimes.com/tag/squeeze.html">squeeze</a> could happen soon.</p>
 <p class="paragraph">The <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency market has followed Bitcoin (BTC) in a downtrend since April 9. The leading digital asset trades at $61,405, below its 30-day exponential moving average (30-EMA), which has become resistance. Moreover, it is condensed between the 30-EMA and a 3-month range’s bottom at the psychological support of $60,000.</p>
 <p class="paragraph">This diminishing volatility will soon ignite an aggressive movement either upwards or downwards. Other cryptocurrencies will likely follow the move, which could trigger a short squeeze for some coins.</p>
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  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
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 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="661" src="https://cdn.thebittimes.com/images/2024/05/15/5296f014042ff74c1f9a1f4b286a91be.webp" alt class="wp-image-175934" srcset="https://cdn.thebittimes.com/images/2024/05/15/5296f014042ff74c1f9a1f4b286a91be.webp 1024w, https://cdn.thebittimes.com/images/2024/05/15/5296f014042ff74c1f9a1f4b286a91be.webp 300w, https://cdn.thebittimes.com/images/2024/05/15/5296f014042ff74c1f9a1f4b286a91be.webp 768w, https://cdn.thebittimes.com/images/2024/05/15/5296f014042ff74c1f9a1f4b286a91be.webp 1536w, https://cdn.thebittimes.com/images/2024/05/15/5296f014042ff74c1f9a1f4b286a91be.webp 1875w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BTC/USD daily price chart. Source: <em>TradingView</em> / Finbold
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-short-squeeze-alert-bnb-chain-bnb">Short squeeze alert: BNB Chain (BNB)</h2>
 <p class="paragraph">First, BNB has the seventh-largest open interest and the second-highest negative funding rate in the market. Short sellers pay a 64% APR to long-position traders as of this writing due to the higher weight of opened-short positions.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="513" src="https://cdn.thebittimes.com/images/2024/05/15/c3b406e16517e2a663133ae815182420.webp" alt class="wp-image-175935" srcset="https://cdn.thebittimes.com/images/2024/05/15/c3b406e16517e2a663133ae815182420.webp 1024w, https://cdn.thebittimes.com/images/2024/05/15/c3b406e16517e2a663133ae815182420.webp 300w, https://cdn.thebittimes.com/images/2024/05/15/c3b406e16517e2a663133ae815182420.webp 768w, https://cdn.thebittimes.com/images/2024/05/15/c3b406e16517e2a663133ae815182420.webp 1536w, https://cdn.thebittimes.com/images/2024/05/15/c3b406e16517e2a663133ae815182420.webp 1846w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Funding Rate Heatmap: BNB. Source: <em>CoinGlass</em>
  </figcaption>
 </figure>
 <p class="paragraph">Therefore, a short squeeze is likely and could drive BNB to a relevant liquidation pool at nearly $610 per token. This would result in around 5% gains for traders entering at current prices.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="529" src="https://cdn.thebittimes.com/images/2024/05/15/fc68a48ad926bb4eb5b9ef1604b82981.webp" alt class="wp-image-175936" srcset="https://cdn.thebittimes.com/images/2024/05/15/fc68a48ad926bb4eb5b9ef1604b82981.webp 1024w, https://cdn.thebittimes.com/images/2024/05/15/fc68a48ad926bb4eb5b9ef1604b82981.webp 300w, https://cdn.thebittimes.com/images/2024/05/15/fc68a48ad926bb4eb5b9ef1604b82981.webp 768w, https://cdn.thebittimes.com/images/2024/05/15/fc68a48ad926bb4eb5b9ef1604b82981.webp 1536w, https://cdn.thebittimes.com/images/2024/05/15/fc68a48ad926bb4eb5b9ef1604b82981.webp 1838w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BNB Liquidation Heatmap Source: <em>CoinGlass</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="toncoin-ton-with-the-worst-negative-funding-rate">Toncoin (TON) with the worst negative funding rate</h2>
 <p class="paragraph">Meanwhile, Toncoin has a negative funding rate of 111.95%, the worst among <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency derivatives, despite a lower open interest. If the downtrend reverts, this data makes TON a potential candidate for a short <a rel="noopener noreferrer nofollow" title="squeeze" href="https://thebittimes.com/tag/squeeze.html">squeeze</a> this week.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="513" src="https://cdn.thebittimes.com/images/2024/05/15/783468c204b9db32b0edbe31be86de50.webp" alt class="wp-image-175938" srcset="https://cdn.thebittimes.com/images/2024/05/15/783468c204b9db32b0edbe31be86de50.webp 1024w, https://cdn.thebittimes.com/images/2024/05/15/783468c204b9db32b0edbe31be86de50.webp 300w, https://cdn.thebittimes.com/images/2024/05/15/783468c204b9db32b0edbe31be86de50.webp 768w, https://cdn.thebittimes.com/images/2024/05/15/783468c204b9db32b0edbe31be86de50.webp 1536w, https://cdn.thebittimes.com/images/2024/05/15/783468c204b9db32b0edbe31be86de50.webp 1846w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Funding Rate Heatmap: TON. Source: <em>CoinGlass</em>
  </figcaption>
 </figure>
 <p class="paragraph">Interestingly, Telegram’s <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> project has two notable liquidity pools for short liquidations. First at $7.2 and the second at $7.4 per token. These are two short-term targets for TON, currently trading at $6.7. A bull rally could make Toncoin surge by 10% in a few hours, aiming for longer time frames later.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="529" src="https://cdn.thebittimes.com/images/2024/05/15/74e5fe941b8195975ed0798a6f7e4f35.webp" alt class="wp-image-175941" srcset="https://cdn.thebittimes.com/images/2024/05/15/74e5fe941b8195975ed0798a6f7e4f35.webp 1024w, https://cdn.thebittimes.com/images/2024/05/15/74e5fe941b8195975ed0798a6f7e4f35.webp 300w, https://cdn.thebittimes.com/images/2024/05/15/74e5fe941b8195975ed0798a6f7e4f35.webp 768w, https://cdn.thebittimes.com/images/2024/05/15/74e5fe941b8195975ed0798a6f7e4f35.webp 1536w, https://cdn.thebittimes.com/images/2024/05/15/74e5fe941b8195975ed0798a6f7e4f35.webp 1838w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   TON Liquidation Heatmap Source: <em>CoinGlass</em>
  </figcaption>
 </figure>
 <p class="paragraph">However, other factors could prevent the forecasted trend reversal and short squeezes for BTC, BNB, TON, or other cryptocurrencies. Traders must remain cautious while opening leveraged positions and speculating in this volatile landscape.</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>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/short-squeeze-alert-for-two-cryptocurrencies-this-week-tbt88340.html">https://thebittimes.com/short-squeeze-alert-for-two-cryptocurrencies-this-week-tbt88340.html</a></p>

Short squeeze alert for two cryptocurrencies this week

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