$INJ Short Liquidation: Bulls Dominate at $25.89063
The INJ market surged as $3.6273K in short positions were liquidated at the critical price of $25.89063.
This liquidation underscores a strong bullish breakout, forcing short sellers to capitulate as momentum builds in favor of buyers.
Key Details:
Liquidation Amount: $3.6273K
Liquidation Price: $25.89063
Market Sentiment: Bulls are firmly in control, driving prices higher with increasing momentum.
Next Moves for Traders:
1. Resistance to Watch: The next significant resistance is at $26.50.
A clear break above this level could push the price toward $27.50.
2. Support Levels: In the event of a pullback, support at $25.50 will be crucial for maintaining the bullish structure.
3. Momentum Indicators: High buying volume and RSI near overbought levels could indicate sustained bullish action.
However, any bearish divergence may suggest a potential slowdown.
Suggested Stop-Loss Strategy:
For Long Positions: Set stop-loss orders below $25.40 to protect against sudden reversals.
For Short Positions: Tighten stop-loss orders above $26.50 to minimize further losses if the rally continues.
$INJ breakout showcases strong market activity, with bullish sentiment driving the price action.
Traders should stay vigilant and employ effective risk management to capitalize on this dynamic market.