$ZRX For the short liquidation event at $1.8279K at a price of $0.5057, here's a thrilling analysis.
Current Situation.
Liquidation Level. $0.5057
A significant short liquidation occurred, which indicates there was a lot of selling pressure when the price reached this level. Traders who were short on $ZRX had to cover their positions due to price action moving against them.
What Does This Mean.
Liquidation of Shorts.
When traders who bet on $ZRX going down shorts are forced to buy back their positions to avoid further losses, it creates upward pressure on the price.
This could lead to a short squeeze, where prices rise sharply as more short positions get liquidated.
What to Do Next.
Watch for Breakouts.
The price could rise quickly if the liquidation triggers more short covering. Watch for price movement near this liquidation point.
Buy Zone.
Buy Zone 1.
Around $0.5057 (if the price holds here after the liquidation)
Buy Zone 2.
If the price dips below and quickly recovers near $0.48–$0.49, it could be another buying opportunity.
Target Levels.
Target 1.
$0.55 First resistance level as the price might face selling pressure here.
Target 2.
$0.60 This is a key psychological level and may act as a major resistance point.
Target 3.
$0.65 If the upward momentum continues, this could be the next level to watch for selling pressure.
Stop-Loss Levels.
Stop Loss 1.
Around $0.47. If the price drops below this level, it could indicate the trend reversal, and it may be time to cut losses.
Stop Loss 2.
If the price drops below $0.45, it's a sign of significant bearish momentum.
Final Thoughts.
With the liquidation happening at $0.5057, the price might rise as shorts are squeezed. However, keep an eye on resistance levels at $0.55 and $0.60, as these may halt the bullish momentum. Always ensure to set stop-loss orders to protect yourself from sudden reversals. Happy Trading.
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