【$ONG Signal】Short squeeze setup formed, pullback is a buy signal

$ONG 1H timeframe surged higher then consolidated at high levels, RSI soared to 78.97, buying momentum remains strong. The 4H Bollinger Bands are opening upward, price has broken above the upper band, and the MACD lines are expanding above the zero line. Market data shows buy orders significantly thicker than sell orders, and the capital support is fully exposed. The negative funding rate is as high as -0.81% while open interest remains stable, indicating huge cost pressure on short positions, which fuels the potential short squeeze.

🎯Direction: Long

⚡Entry/Order: Layered entries in the 0.0596 - 0.06089 range

🛑Stop loss: Below 0.0595

🚀Target 1: 0.06607

🚀Target 2: 0.06866

🛡️Trade management:
- Execution strategy: After reaching the first target, reduce half of the position and move the remaining stop loss up to the entry price. Hold the remaining position for the second target. If the price pulls back and drops below the average entry price, exit all positions.

Current open interest remains stable during the price rally, indicating it’s not just profit-taking by longs. The 1-hour moving averages are in a bullish alignment, and the price is supported above the EMA20. In this negative funding rate environment, the strong price action often means that short covering buy orders have not yet been fully released. The risk-reward ratio is close to 4:1, making it worthwhile to use a small stop loss to attempt an accelerated move.

Check real-time market 👇 $ONG
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