Is it time to buy $PUMP yet?
Let's revisit the signals I outlined yesterday:
Positioning: funding rates down from 150%+ to 11% now on HL - good movement, would like to see it turn negative
Sentiment: according to @cookiedotfun its down just slightly, but anecdotally I'm seeing a bit more hate/capitulation on the TL - good movement, but still plenty of hopium out there
So I'm not a buyer (yet) but not a bad spot to DCA in the 4-4.2 range, ultimately looking for a capitulation wick below 4 that turns funding rates neutral/negative to seal the deal
My thoughts on $PUMP
It was very consensus that this would send post-ICO, most calling for 8-10B+
Consensus rarely plays out
Instead itâs nearing the 4B ICO val with a good % of participants out
But I donât yet see the hate or capitulation that would lead to a big rally
Funding rates still hot (152% APR on @coinglass_com )
Sentiment still reasonable positive (67% according to @cookiedotfun)
So if I had to say, it goes lower before it rips
Wait for more hate on the TL and funding rates to go down as longs get flushed
Then it rips, just watch for the signals
One more signal I'm using for confluence is whale activity, and a great too for tracking this is @mobyagent (I have no affiliation)
Last 24h the whale wallets they track are showing -$3.2m in net flow, but that's improved a bit
The pro access lets you monitor on lower timeframes which I'm tracking to see if/when whales come back in with size
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