$PNUT

The squirrel has ultimately returned to this volatile range. In the candlestick chart, we can see that the bottom of the squirrel has been raised to some extent. Although the increase is not very noticeable, this time the decline did not retest the bottom at 1.04, but stopped at 1.08. This is good news for those holding pnut. However, we also need to pay attention to the fact that after the stop at 1.08, the high points of the small-scale rebounds have also decreased, and the volatility seems to be lowering. Therefore, we need to observe whether the wide range fluctuation will turn into a narrow range fluctuation for consolidation. If the volatility decreases, friends who have been making trades within the large range according to our strategy can temporarily take a break, as there is not much significance in making trades during narrow fluctuations in meme.

From the data perspective, the open interest is still around 270m, almost unchanged from two days ago. However, with the same open interest, the price two days ago was also between 1.16 and 1.18, and the price has not changed much. Therefore, it can be inferred that the major fluctuations in these two days are actually driven by the main force making a large wave, and in fact, there has been no significant increase or decrease in the long and short positions of the main force. The inflow of contracts has also shifted from a strong bullish trend yesterday to a bearish trend.

To summarize, there are two points that need attention:

First, whether the low point at 1.04 can effectively support. If it holds, continue to hold. Secondly, observe the conditions of the bottom and top within the range. If it continues to narrow, it will undergo a narrow range fluctuation, so just patiently wait for the direction to emerge.