【$SNX Signal】Short squeeze rebound continues, go long on 1H confirmation after pullback

$SNX The 1H timeframe is consolidating strongly above the EMA20, and the 4H timeframe has broken through the previous consolidation platform, forming a bullish structure. The current price is consolidating around 0.34, with a high negative funding rate of -0.413%, and stable open interest, indicating potential for a short squeeze. The 1H RSI (62) is healthy and not overbought, preparing for another upward move.

🎯Direction: Long (Long)

🎯Entry/Order: 0.338 - 0.340 (Reason: 1H EMA20 support zone resonating with the lower boundary of the consolidation platform )

🛑Stop Loss: 0.328 (Reason: Break below the major 4H bullish candle start point and previous low support )

🚀Target 1: 0.348 (Reason: Recent high resistance, also the previous high on the 1H timeframe )

🚀Target 2: 0.355 (Reason: 4H previous high resistance and Fibonacci 0.618 extension level )

🛡Trade Management:

- Position Size: Light (Reason: Hot coin with high volatility, risk per trade needs to be controlled )

- Strategy: After reaching Target 1, reduce position by 50%, and move the stop loss of the remaining position up to the entry price of 0.340. If the price strongly breaks through 0.348, hold the remaining position to aim for Target 2.

Deep Logic: After a 13% surge, the price did not retrace significantly, indicating strong buying support. Open interest remains stable and has not decreased with the price rise, suggesting that the move is not solely driven by short covering, and new long positions may be entering. Market depth shows buy orders are much thicker than sell orders (imbalance of 27.17%), with dense support below. The negative funding environment continues to squeeze shorts, fueling the price increase. Combined with the 1H stabilization above moving averages and the 4H breakout pattern, short-term bulls are favored.

View real-time market 👇 $SNX

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