Short squeeze alert for January 3: Two cryptocurrencies with potential to skyrocket
The cryptocurrency market is retracing after a notable pump on January 2. This past surge caused short-squeeze events for the leading cryptocurrencies, liquidating thousands of crypto short-sellers. Essentially, a short squeeze happens when short positions get liquidated on a majoritarian bearish market. These liquidations force purchases of the given crypto currency, driving the price higher, bringing new liquidations, even higher prices, and a spiral event. In this context, Finbold looked into derivatives and liquidation data from CoinGlass to spot probable short- squeeze candidates. Short squeeze alert for Polygon (MATIC) In particular, Polygon (MATIC) showed a 52.92% weight of $741.80 million in open short positions by press time. Moreover, a 24-hour volume surge of 82.26% happened amid a price crash of close to 13.97%. MATIC is trading at $0.87 at the time of publication. MATIC derivatives market 24-hour volume. Source: CoinGlass Cryptocurrency Bitcoin eras...