BABAUSDT Trades Near $111.60 Resistance as Open Interest Rises

Alibaba Group Holding’s BABAUSDT perpetual contract traded at $111.14 at 6 a.m. ET (10:00 UTC) on Oct. 11, while technical levels identified resistance at $111.37 and $111.60.

The contract gained 0.13% over 24 hours and traded between $110.53 and $111.18 during the session. Its 50-day simple moving average stood at $111.88, above both resistance levels.

Support was identified at $110.72 and $110.30, with a pivot level at $110.95. These figures apply to the derivative rather than Alibaba’s NYSE-listed equity.

BABAUSDT is a USDT-margined perpetual contract that tracks the price of Alibaba’s American depositary receipts. It trades around the clock and offers leverage of up to 10 times, allowing positions to be opened with a fraction of the contract’s full value.

Open interest stood at 194,232.13 contracts, representing approximately $21.82 million in notional value. Open interest increased 1.72% over 24 hours.

The contract’s price levels and Alibaba’s equity price targets measure different instruments. The $111.60 level is a technical resistance point for the leveraged perpetual contract, while equity price targets apply to shares listed on the New York Stock Exchange.