Market Update: $PENGU Short Liquidation

A short liquidation of $9.0568K occurred at $0.03924, indicating a sharp upward movement after shorts were forced to cover.

This is a strong signal that buying pressure is increasing. Here's a detailed breakdown of what to do next:

Next Move Analysis

Buy Zone:

$0.0370 to $0.0390

Look for a dip into this range to enter a long position. This zone gives a good entry point with a solid risk-to-reward ratio.

Targets:

Target 1: $0.0420 (Initial resistance)

Target 2: $0.0450 (Next resistance level)

Target 3: $0.0500 (Psychological resistance zone)

Stop Loss:

$0.0340

Place your stop loss below this level to protect against further downside if the market reverses unexpectedly.

Technical Indicators to Watch

RSI: A breakout above 50 on the RSI could signal increasing buying momentum.

Volume: Watch for higher volume in the buy zone to confirm that buying pressure is strong.

MACD: Look for a bullish crossover, which could further confirm that the trend is shifting upward.

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Trading Strategy:

1. Enter Buy Position:

Wait for the price to dip into the Buy Zone ($0.0370 - $0.0390).

2. Watch for Momentum:

If price shows strength and holds above the buy zone, this could signal an upcoming rally.

3. Set Targets and Scale Out:

Lock in profits as the price hits each resistance level ($0.0420, $0.0450, $0.0500). Consider scaling out of your position gradually.

4. Risk Management:

Place your stop loss at $0.0340 to protect your capital in case of a market reversal.

Market Sentiment:

The short liquidation suggests that the market is shifting in favor of buyers. With strong buying momentum pushing the price higher, be prepared to catch this potential rally as it unfolds.

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Disclaimer: This is for informational purposes only and not financial advice. Always conduct your own research and trade responsibly.

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