Massive Short Liquidation Alert for $ID

Liquidation Size: $2,269.7 at $0.4773.

What Happened.

The $ID market witnessed a dramatic short liquidation as the price surged past $0.47704, liquidating aggressive short sellers. This move signifies strong bullish momentum, possibly fueled by buyer confidence or a short squeeze event.

Key Levels to Watch:

Support: $0.4700

Resistance: $0.4850 and $0.5000

The breach of $0.47704 might open the gates for a rally toward the $0.5000 psychological level.

What It Means:

A short liquidation occurs when traders betting on price declines (shorts) are forced to close their positions due to price increases. Such events often amplify buying pressure, further driving the price upwards.

Insights for Traders:

1. Bullish Bias: Momentum favors bulls in the short term.

2. Entry Point: Wait for a retracement to $0.4700-$0.4750.

3. Target Levels:

Target 1: $0.4850

Target 2: $0.5000

4. Stop-Loss: Below $0.4650

Stay cautious of volatility as the market digests this liquidity shakeout.

What’s Next.

With the liquidation triggering new buying interest, will $ID break higher, or will sellers regain control.

Keep a close watch.

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