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Why is GT Rising Despite Being 88% Short? Live Analysis

I just checked the GT/USDT chart on Gate. The price is currently 6.75 Spot, 6.729 Perp. On the 4H chart, the price is above EMA5, EMA10, and EMA30. It made a perfect bounce from 6.386 and recently tested 6.850.

But the real bomb is in the Order Book: 88.53% Short. So the market has piled up shorts expecting GT to fall. The MFI is at 74.66 in overbought territory, but this much short accumulation could trigger an upward squeeze.

Gate increasing its spot volume by 50.8% to $66.1 Billion in June and its derivatives volume breaking a record with $746 Billion also explains the demand for GT.

My strategy: A breakout of 6.85 can be followed if price holds above 6.75, while 6.70 and 6.38 can be followed as supports below. This is not financial advice, just my own analysis.

Do you think GT will try $7 with this many shorts open?
#夏日创作营 $GT ‌ ‌
GT1.03%
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