Massive Liquidation Alert.

The cryptocurrency markets have once again proven their volatile nature, and this time, $KNC (Kyber Network) is in the spotlight.

A colossal $1.48K long position was liquidated at the critical level of $0.6195.

What does this mean.

A long liquidation happens when traders who were betting on $KNC’s price to rise get caught in a downward price movement.

The liquidated price of $0.62411 suggests that this level acted as a significant support, which was breached, triggering forced sell-offs.

Market Insights:

Current Scenario: Bears are dominating, pushing prices down and shaking out leveraged long positions.

Support Level Breach: The liquidation indicates weak buying interest around $0.62411, leading to a cascade of sell orders.

Short-Term Outlook: If the bearish momentum continues, further liquidations could drive the price lower.

For Traders:

If you're bullish, keep an eye on key support levels below $0.62411. A bounce-back could signal a reversal.

If you're bearish, this momentum could offer short-selling opportunities.

Actionable Levels:

Buy Zone: Consider waiting for a dip around $0.60 for potential entries.

Target 1: $0.65 (short-term resistance).

Target 2: $0.70 (next major resistance).

Stop-Loss: Below $0.58 to protect against further downside risks.

The market is ruthless, and $KNC is no exception. Will it recover, or will the bears push it further down.

Only time will tell.

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