【$ONUSDT Signal】Short squeeze continues, dip to go long

$ONUSDT 1H timeframe price has broken above the upper Bollinger Band, RSI has surged to 94.5, and the risk of a buy-side gap is accumulating. The 4-hour MACD histogram continues to expand, open interest remains stable at a high of 47.56 million, and the funding rate of 0.0194% indicates bulls are still paying a premium, so the short squeeze logic remains unchanged. The order book shows over 20,000 buy orders stacked around 0.2350, fully exposing the market’s support intent.

🎯Direction: Pull back to buy

⚡Entry/Orders: Accumulate in the 0.1480 - 0.1518 range

🛑Stop-loss: 0.1308

🚀Target 1: 0.2360

🚀Target 2: 0.2780

🛡️Trade Management:
- Execution strategy: After reaching the first target, reduce position by half, and move the stop-loss of the remaining position up to the entry price. If the price cannot hold above 0.2350, exit all positions.

This initial deep pullback after a rapid surge is often a point for major players to clear out retail traders’ stop-losses. The open interest remains stable amid the surge, indicating it’s not purely retail FOMO; some funds are locking in positions. The 1-hour price has already moved far away from the moving averages, making chasing the high very risky, but the 0.148-0.152 zone below is a previous breakout consolidation area and a potential retest level for the 1-hour EMA20, offering a very favorable risk-reward ratio. Liquidity is usually thin in the early weekend hours, so volatility can be amplified, and placing orders in support zones is safer than market chasing.

Check real-time market 👇 $ONUSDT
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