【$CHIP Signal】Short squeeze rebound, secondary upward move on the 1H timeframe

$CHIP 1H timeframe pulls back after a surge, price consolidates strongly above the Bollinger upper band and EMA20. The 1-hour RSI drops from overbought 80 levels to neutral territory, MACD fast and slow lines remain strongly diverging above the zero line, indicating bullish momentum is intact. The 4-hour level directly breaks through the Bollinger upper band, with a single candle gain exceeding 40%, a typical sign of a hot coin rally.

Funding rate -1.68%, short positions have very high holding costs, indicating potential for a short squeeze. Market depth shows sparse sell orders, relatively thick buy orders, and a -16% imbalance suggests stronger support below than selling pressure above.

🎯Direction: Long

⚡Entry: Enter immediately within the current price range of 0.05663 - 0.05719.

🛑Stop loss: 0.05617, a break below this level indicates the short-term upward structure is broken.

🚀Target 1: 0.05924, resistance near the previous high.

🚀Target 2: 0.06027, based on the extension of the 1H upward move.

🛡️Trade management:
- Execution strategy: Reduce position by half after reaching 0.05924, move the remaining stop loss up to the entry price. If the price cannot stay above 0.057 and quickly falls back to the cost zone, actively exit and observe.

In this environment of negative funding rates, the price staying firm often signals bullish traders clearing out weak hands. Stable open interest indicates it’s not purely short-term speculation; volume shrinks during consolidation on the 1H timeframe, which is healthy for turnover. The risk-reward ratio is close to 2:1, making it a worthwhile trade. The key is that after entry, the price must quickly move away from the cost zone; otherwise, hot coin sentiment can fade rapidly.

Check real-time quotes 👇 $CHIP
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