【$MAGIC Signal】Short squeeze pullback, bulls' second attack

$MAGIC 1H timeframe surges then pulls back, the price has been pulled back from outside the Bollinger upper band. After a volume breakout on the 4-hour chart, the current price is retracing near the breakout level.

🎯Direction: Long

⚡Entry: Buy in batches within the 0.0620 - 0.0625 range

🛑Stop Loss: 0.0605

🚀Target 1: 0.0645

🚀Target 2: 0.0660

🛡️Trade Management:
- Execution Strategy: After reaching Target 1, move the stop loss to the entry price, and hold the remaining position toward Target 2. If the price falls below 0.0615 and shows no rebound, exit early.

Negative funding rate as high as -0.57%, but open interest remains stable, indicating that bears have not exited in large numbers, providing a basis for a short squeeze. The 1-hour RSI has fallen from overbought territory to around 66, leaving room for another upward move. Order book shows accumulation of buy orders below 0.0625, clearly indicating support. Under this structure, rejection of deep retracement is a sign of strength.

Check real-time market 👇 $MAGIC
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