$PNUT Here's a thrilling post for the short liquidation of $PNUT.
Short Liquidation Alert.
Short Liquidation Data.
Amount Liquidated: $2.6686K
Price at Liquidation: $0.63222
What Does This Mean.
A significant short liquidation has just occurred at $0.63222, meaning that traders who were betting against have been forced to close their positions. This could trigger buying pressure, pushing the price up. It’s an exciting time for potential long trades.
Next Steps and Trading Plan.
Buy Zone.
The ideal entry for a buy is around $0.615 - $0.630. If $PNUT retraces to this range, it could provide a good opportunity to enter a long position.
Target.
The first target to look for is $0.725 - $0.750. This range could act as a resistance area where the price might face selling pressure.
Long Term Target. If the momentum continues, we might even see a potential push towards $0.80.
Stop Loss.
A safe stop loss would be around $0.590 to protect your position in case the price moves against you. This stop loss level will help you limit potential losses while you wait for the upward move.
Key Factors to Watch.
Volume.
Keep an eye on trading volume to confirm if this rally is backed by strong buying pressure.
Support Levels.
If $PNUT holds above $0.60, it indicates strong support, further confirming an upward trend.
Market Sentiment.
Be cautious of any sudden market news that could affect the overall trend.
Why This Matters.
A short squeeze can lead to sharp price increases as traders who were shorting are forced to buy back their positions, fueling the rally. This liquidation is a key signal that the bears might be losing control.
Disclaimer.
Always do your own research and manage risk carefully.
Keep track of your trades, and never risk more than you're willing to lose.
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