High open interest volume, negative funding rates, and upward accumulated liquidations can indicate a potential short squeeze for cryptocurrencies. In particular, Finbold spotted significant indicators for BNB Chain (BNB) and Toncoin (TON), signaling a short squeeze could happen soon.
The cryptocurrency 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.
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.
BTC/USD daily price chart. Source: TradingView / Finbold
Short squeeze alert: BNB Chain (BNB)
First, BNB has the seventh-largest open interest and the second-highest negati
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