Microchip MCHP/USDT on MEXC: weekend bounce back to 74 tests Friday's lower highs

MCHP/USDT, MEXC's perp on Microchip Technology, recovered a little since Friday's close. Live numbers from the MEXC API near 12:50 AM ET Sunday; the chart is the Friday 5 PM ET view.

Background

Microchip makes microcontrollers and analog chips for cars, industry and consumer devices. The perp opened on Oct 22: contract size 0.001 MCHP, 20x max, 0% maker / 0.02% taker.

Numbers right now

• Last 74.19, index 74.04, fair 74.17, up 0.21%
• 24h range 73.53 to 74.56
• Funding -0.02% per 8h
• Turnover about 102K USDT

How I read it

Friday printed lower highs under the 30 and 60 period averages near 74.3 to 74.6. The weekend drift is sitting right below that zone. I still lean short while 74.60 caps it, with 73.53 as the first target. A close above 74.60 flips me neutral.

Things that can go wrong

Funding is now slightly negative, so shorts pay a little. With the stock market closed until Monday, the perp can trade away from fair value and then snap back at the open.