【$XNY Signal】Short covering pullback, long positions lurking

$XNY 1H timeframe surges then pulls back, price repeatedly tests near the upper Bollinger band. 4H MACD shows a bullish crossover above zero, but on the 1H chart, the histogram begins to shrink, indicating weakening bullish momentum. Market depth shows strong buy orders below 0.00436, with clear intent to support, but sell pressure around 0.00438 is also concentrated.

Price retracing below 0.00435 can be used to gradually add long positions; this is the upper boundary of the suggested entry zone.

🛑Stop loss must be placed at 0.00368, which is the strict rule given by risk management.

🚀First target is 0.00438, close to the current market pressure zone.

🚀Second target is 0.00440, with a breakout potentially testing the previous high.

🛡️Trading management: - Execution strategy: After the price reaches 0.00438, halve the position and move the remaining stop loss up to the entry price. If the price fails to hold above 0.00435 and turns downward, exit proactively without waiting for the stop loss.

Current funding rate is 0.056%, not extreme, but open interest remains stable around 980 million, with no significant outflows, indicating bulls are still holding. The 1-hour RSI has fallen from overbought territory to 68, offering better entry odds. Under this structure, chasing higher risks larger, patience to wait for price to retest key support levels results in a more favorable risk-reward ratio. Market depth remains the strongest logic at present.

Check real-time quotes 👇 $XNY
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