【$ICP Signal】1H Breakout Follow-up + Negative Funding Rate Short Squeeze Play

$ICP The 1H timeframe has broken above the previous high with increased volume and stabilized above EMA20, forming a short-term upward channel. Although the 4H timeframe is still under EMA50 resistance, the price has already moved above all short-term moving averages, and the negative funding rate combined with stable open interest suggests potential for a short squeeze. Currently, buy-side order depth significantly exceeds sell-side, with an imbalance of 22.53%, indicating clear main force support.

🎯Direction: Long (Long)

🎯Entry/Order: Enter at current price between $2.189 - $2.195

🛑Stop Loss: $2.155 (Break below 1H EMA50 and previous low support)

🚀Target 1: $2.240 (Previous high and 4H resistance)

🚀Target 2: $2.280 (Near daily trendline)

🛡️Trading Management:

- Position Size Suggestion: Light position (Reason: 4H trend not fully confirmed, facing EMA50 resistance)

- Execution Strategy: After reaching Target 1, reduce position by 50% and move stop loss to entry price. Trail stop for remaining position to hold for Target 2. If price cannot hold above $2.20, consider exiting early.

Depth Logic: After a 7% increase, open interest remains stable rather than decreasing, indicating that the move is not solely driven by short covering, possibly new longs entering. 1H RSI is at 64.35, leaving room for further upside. Key is whether the price can break through 4H EMA50 ($2.186) and stabilize. In a negative funding rate environment, strong sideways movement is a bullish signal.

View real-time market 👇 $ICP

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