Massive Long Liquidation on $ETC

Key Event:

A whopping $1,775.1K in long positions just got liquidated at the $24.75 price level.

This high-volume liquidation reflects intense market activity and signals a sudden shake-up in trader sentiment.

What Happened

Ethereum Classic $ETC faced heavy selling pressure, forcing the price to pierce through key support levels. Traders holding leveraged long positions likely got caught in a bear trap, leading to this significant liquidation.

Implications for the Market:

Bearish Signal: The long liquidation indicates that bullish momentum may be fading or that market makers are hunting stop-losses of leveraged traders.

Increased Volatility: Expect wild price swings in the near term as traders react to this event.

Potential Recovery Zone: If the selling is overextended, a bounce back could occur, creating opportunities for short-term scalpers.

Key Levels to Watch:

Support Zone: $23.80 - $24.10 (Possible accumulation area)

Resistance Zone: $25.50 - $26.20 (Watch for rejection or breakout)

Trading Tips:

1. Set Tight Stop-Losses: Protect yourself from further market manipulation.

2. Wait for Confirmation: Avoid impulsive trades look for clear breakouts or trend reversals.

3. Monitor Volume: Use volume as a guide to determine the strength of moves.

Opportunities:

If $ETC holds the $24 level, it could signal a reversal and an opportunity to go long with a target around $25.50. On the flip side, a breakdown below $23.80 might invite bears to push prices lower.

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