$Q ‌ Short-term is in a high-level consolidation after a strong rally, with momentum to continue pushing higher, but resistance above is dense, and the risk-reward ratio for going long is poor. Not recommended to buy long.

Today’s four-hour candlestick surged to 0.0255 then quickly fell back to 0.0208, closing at 0.0222, forming a long upper shadow, which is a typical sign of selling pressure. The account long-short ratio is 0.77, indicating retail traders are generally bearish, but the price remains high, suggesting it might be a short-term short squeeze caused by forced covering. I think a bigger possibility is that the whales are placing large sell walls combined with positive funding rates to create a fake squeeze and lure buyers.
Here are some levels for reference:
First resistance level: 0.0255
Second resistance level: 0.0240-0.0242
First support level: 0.0200-0.0208
Second support level: 0.0175-0.0181
Third support level: 0.0160
Fourth support level: 0.0140-0.0143
If the price pulls back and stabilizes in the 0.0200-0.0208 range, you can go long. If the price breaks below 0.0190, exit and walk away, aiming for around 0.0240.
For short positions, wait for a rebound to the 0.0245-0.0255 range, with a stop loss above 0.0260, and target around 0.0180.
Try with a small position and low leverage. #Gate广场五月交易分享
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