$ZEN Long Liquidation Alert!
Amount: $2,712.6K
Price Liquidated At: $29.874
A huge $2.71M long position has just been liquidated at $29.874, signaling intense selling pressure and potential downward momentum for $ZEN.
The bulls have suffered a major blow at this critical price level, which could trigger panic selling or lead to a bearish continuation.
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Key Insights:
1. Support Breakdown: The liquidation at $29.874 suggests a significant support level has been breached.
Watch for continued weakness below $29.80 as it could signal further downside.
2. Volume Surge: High liquidation volume indicates aggressive selling, potentially increasing bearish momentum.
3. Market Sentiment: This event could shake long traders' confidence, paving the way for bears to take control in the short term.
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Next Move:
For Bears:
Entry Point: Consider shorting if $ZEN sustains below $29.80.
Stop Loss: Set a stop loss above $30.50 to manage risk.
Profit Target: Look for support levels at $28.50 and $27.75 for potential exits.
For Bulls:
Wait for Confirmation: Avoid entering long positions until $ZEN reclaims $30.00 with strong buying pressure.
Stop Loss: If going long, use a tight stop loss below $29.50 to minimize risk.
Profit Target: Watch for resistance near $31.00 if recovery occurs.
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Conclusion:
This major liquidation could act as a turning point for $ZEN's price action.
With support breaking down, bears seem to have the upper hand.
However, a swift recovery above $30.00 could catch the market off guard.
Stay vigilant and trade carefully!