【$XNY Signal】Short squeeze continues, pullback is a buy signal

$XNY 1H level RSI skyrocketed to 80, indicating a break in buying momentum, but the 4H MACD histogram is still expanding, and the upper Bollinger Band is being strongly resisted. Market depth shows sell orders are thin as paper, and the -18.96% depth imbalance exposes the fragility of short covering. The funding rate of 0.0823% is not extreme; bulls still have fuel.

Price repeatedly tests around 0.0065, with selling pressure quickly absorbed above. Under this structure, chasing the high directly carries significant risk, and the risk-reward ratio is not favorable. A more prudent approach is to wait for a healthy pullback, allowing overheated indicators to cool down.

🎯Direction: Pull back to go long

⚡Entry/Order: Between 0.005110 and 0.006490, with a focus on lurking around 0.0057 (1H EMA20 support zone)

🛑Stop loss: 0.004577

🚀Target 1: 0.006535

🚀Target 2: 0.006562

🛡️Trade management:
- Execution strategy: Enter after the price stabilizes around 0.0057. Half position at Target 1, remaining to break even with a trailing stop, aiming for Target 2. If the price cannot quickly move away from the cost area after entry, exit immediately.

1H level volume-price divergence is beginning to show, with the latest 4-hour candle showing high volume but closing with an upper shadow, indicating profit-taking at high levels. However, open interest remains stable, with no signs of panic selling. The 4H Bollinger middle band at 0.0052 coincides with EMA50, forming a strong support zone, making it an ideal point for a pullback to add longs. The debate now is whether to directly short squeeze to the target or to first pull back and then go higher. I prefer the latter; the market needs to turn over to go further.

Check real-time quotes 👇 $XNY
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