24h volume has decreased by 4.6%, but the price is suppressed below POC, with a net outflow of 1.2 billion contracts over 5 days—bulls seem to be celebrating, but in reality, they are withdrawing while fighting, a script of 'false breakout and true distribution' is unfolding.

[Key Range Structure and Volume Distribution]
1. Value Anchoring Area: POC 0.2311 (nearly 700 billion contracts traded), current price 0.2177 is about 5.8% below POC, viewed as 'low price deviation' in the short term.
2. High Volume Area:
• 0.2212-0.2225 (HVN1) - yesterday's concentrated cost area for bulls, easy to encounter selling pressure when pulling back here;
• 0.2303-0.2315 (HVN2) - overlaps with POC, is the last defense line for bulls to regain dominance.
3. Low Volume Gap:
• 0.1958-0.2007 (LVN1) - if the price falls below 0.205, it will quickly slide to this area;
• 0.2500-0.2558 (LVN2) - a vacuum above, if it breaks through 0.25 with volume, it could rush to the previous high of 0.268.
4. 70% Volume Coverage Area: 0.2122-0.2393, current price is near the lower edge, short-term is slightly oversold, but not extreme.

Momentum Verification:
• POC Area Up/Down Volume 46.4% vs 53.6%, sellers slightly dominant;
• Above LVN1 Up Volume reaches 73%, indicating buying interest below 0.20;
• Trading volume has decreased over the past 2 hours, insufficient breakthrough momentum, high probability of volatility.

[Market Cycle]
In the medium term, still in the 'wide range fluctuation' phase: After falling from 0.268, it has formed a wide box between 0.186-0.268. Short-term is in a second test after rebounding from the bottom of the box; if it cannot return above POC, it will confirm a 'downward continuation'.

[Trading Strategy]
1. High Short in Range (Aggressive):
Entry 0.220-0.222 (lower edge of HVN1), stop-loss 0.2255 (upper edge of HVN1 + 0.5×ATR≈0.0035), target 0.212 (VAL), risk-reward ratio ≈2.3.
2. Low Buy on Pullback (Conservative):
Entry 0.208-0.210 (above LVN1), stop-loss 0.205 (lower edge of LVN1 - 0.5×ATR), target 0.218-0.220, risk-reward ratio ≈2.7.
3. Breakout Long (Cautious):
Wait for a volume breakout above 0.2315 (POC + HVN2), enter when it pulls back to 0.229 without breaking, stop-loss 0.226, target 0.245 (next HVN), risk-reward ratio ≈5.3.

Risk Warning: If the daily close falls below 0.205, all long positions logic becomes invalid; if the 1-hour close is above 0.225, short positions should be stopped immediately.

[LP Market Making Suggestions]
It is recommended to conduct narrow LP in the range of 0.208-0.222:
• The lower edge of the range corresponds to buying interest above LVN1, VAL support;
• The upper edge of the range corresponds to dense selling pressure at HVN1;
• Low funding rates, balanced buy-sell walls are suitable for earning fees + range arbitrage.

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