Chiliz outperformed the broader market in the past day, rising approximately 5% and once again approaching the $0.05 mark. With the spot market recovering, futures market data also improved, indicating a recovery in short-term buying sentiment.
Open interest rose to $80 million.
CoinGlass data shows that open interest in Chiliz futures rose to $80 million on Tuesday, up from $58 million a week earlier. This is the highest level for the metric since January, indicating a significant increase in new positions in the market.
A rise in open interest usually indicates that funds are re-entering the contract market. If prices and open interest rise in tandem, it often reflects increasing bullish momentum.
Funding rates and long/short ratios rebound
In addition to the increase in open interest, the CHZ funding rate also turned positive last Sunday and rose to 0.0043% on Tuesday. This means that in the perpetual contract market, the long side has started to pay fees, and short-term sentiment is biased towards bullishness.
CoinGlass data shows that the long/short ratio for CHZ returned to 1.01 on Tuesday, after being below 1 for more than a week. This change indicates that long positions are now slightly higher than short positions.
- The price has increased by approximately 5% in the past 24 hours.
- Open interest rose to $80 million.
- Funding fees have risen to 0.0043%.
$0.051 becomes the short-term focus
From a short-term perspective, the first resistance level the market is currently focusing on is around $0.051, which is the previous high area. If the price effectively breaks above this level, the next target may be $0.057, followed by the January high around $0.064.
On the downside support level, the area around $0.047 is the first level to watch in the short term. If this area is breached, the price may further retrace to the $0.043 and $0.041 areas.
Overall, the recent rebound in CHZ is not only reflected in prices, but also in the simultaneous recovery of open interest, funding rates, and the long/short structure in the derivatives market. Future price movements will depend on whether prices can break through the $0.051 level.
