This coin's market situation is indeed a bit suspicious, with signs of something off everywhere.

The most eye-catching thing is that the funding rate has soared to a negative 1.46%, which is already an extreme level. The bears are being pushed down to the bottom, and every hour they have to pay the longs. When the market becomes this one-sided, historical experience tells us that it’s often the eve of a reversal—once the longs can no longer keep throwing money to push the price up, profit-takers inside the market and late followers will start to trample each other, and no one can escape quickly.

Looking at the trading volume data further illustrates the issue. A 1 billion trading volume is huge for this coin, but it’s not healthy growth; instead, it looks like those who doubled their money earlier are starting to dump madly at the 33 to 34 dollar range, and retail investors who see the opportunity foolishly rush in to buy the dip. The result is a complete mess in the distribution of chips, with no stable support structure formed.

The current price is stuck around 33.6, but the mark price shows real resistance at 38.5, a full 5 dollars apart. Meanwhile, the long-term moving average MA99 is still at 24.6, which is 9 dollars below the current price. This situation is like a kite string about to snap, but there’s nothing underneath to hold it.

Honestly, I wouldn’t chase this position at all; entering now would be like giving away free money. If you really want to participate, there are two options: first, wait until it breaks below 30 and then rebounds weakly, and try a small short position with a stop-loss above 34.5; second, be patient and wait to see if it falls back into the 25 to 28 dollar range for a better opportunity. During other times, it’s best to just watch as a spectator.

Additionally, I want to remind friends who are thinking of opening positions to keep a close eye on the funding rate changes. Otherwise, if a rate reversal occurs at a high level, even short positions could be slowly cooked to death.