$FHE currently has over 6 million locked longs, which is quite a pressure, but based on market performance, the probability of an upward breakout remains quite high. The most interesting thing is that the funding rate is gradually narrowing. According to this trend, the rate may turn negative slowly today—this is often a signal in the classic routines of market makers.

Based on past patterns, there is likely to be a downward test of about 10-20 points. But as long as it doesn't break below the 0.17-0.18 support line, the true collapse trend has not been reached. Moving forward, two key points to watch are: whether the market makers will make a large-scale pullback to shake out positions, or whether they can hold the 0.17-0.18 support.

These two factors basically determine whether the next move will be a rebound or a breakdown. The current position is indeed worth considering for entry opportunities.