$MOODENG Long Liquidation: $75K Wiped Out at $0.517

A major shakeout hit the MOODENG market as $75,000 worth of long positions were liquidated at $0.517. This sharp turn signals a breakdown in bullish momentum, with traders facing significant losses as the market shifted decisively in favor of the bears.

Market Analysis:

1. Long Liquidation Dynamics: The liquidation event was triggered by a breach of critical support at $0.520, forcing leveraged long positions to unwind. Such liquidations often intensify selling pressure, driving prices lower in the short term.

2. Key Price Action at $0.517: This level has now flipped from support to resistance, marking a turning point in market sentiment. Bulls failed to defend this zone, which could signal further downside if selling pressure persists.

3. Broader Context: MOODENG’s recent rally showed signs of exhaustion, with declining volume hinting at a lack of follow-through by buyers. This liquidation highlights the risks of over-leverage in a market prone to sharp reversals.

What’s Next for MOODENG?

The immediate support to watch lies at $0.500, a psychologically significant level. A break below this could lead to deeper retracement toward $0.480. On the other hand, if bulls manage a swift recovery above $0.520, it could stabilize the trend and reignite upward momentum.

This liquidation event is a stark reminder of the volatility and risks associated with high-leverage trading. Traders should exercise caution and focus on solid risk management as MOODENG navigates this critical juncture.

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