【$ON Signal】Short squeeze continues, 1H pullback confirmation followed by breakout attempt

$ON The 1H timeframe has experienced a massive rally and is currently in a strong consolidation at high levels. The 4H timeframe has broken through the long-term downtrend, forming a V-shaped reversal with a strong trend. Currently, the 1H RSI(76) is relatively high, but the price refuses to undergo a deep correction, and open interest remains stable, indicating bullish control. Selling pressure is concentrated above 0.1165; once broken, a short squeeze will be triggered.

🎯Direction: Long (Long)

🎯Entry/Order: 0.1165 - 0.1170 (Reason: Breakout of the current 1H consolidation zone and dense sell pressure area )

🛑Stop loss: 0.1145 (Reason: Break below the low of the 1H K-line cluster and EMA20 support )

🚀Target 1: 0.1200 (Reason: Previous high resistance and psychological round number )

🚀Target 2: 0.1240 (Reason: Based on recent upward wave Fibonacci extension at 1.618 )

🛡️Trade Management:

- Position suggestion: Light position (Reason: Daily increase has exceeded 37%, volatility is extremely high, risk is amplified )

- Execution strategy: After the price reaches 0.1200, reduce position by 50% and move stop loss to entry price 0.1165. The remaining position aims for target 2; if the price pulls back and breaks below the moving stop, exit decisively.

Deep logic: The surge in buy volume on the 4H chart is a typical capital-driven market. Although the funding rate of 0.0545% is positive, it is not in a dangerous zone. Stable open interest indicates it’s not purely a bullish leverage frenzy; there may be main force support. The buy-side depth in the 0.1161-0.1163 area on the 1H chart is unusually thick, forming a protective barrier. Market logic suggests “price rises, combined with open interest analysis,” with current stable open interest and rising price indicating “main force entering,” rather than a simple short squeeze. The 1H RSI is high but not exhausted, leaving room for further upward movement.

Trade here 👇 $ON

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