$PENGU Long Liquidation: $7.2781K at $0.04194
#PENGU has experienced a significant long liquidation of $7.2781K at $0.04194, signaling potential downside pressure as long positions are forced to exit. This liquidation could lead to further volatility, and market sentiment may lean bearish in the short term.
📉 Current Price Action: At $0.04194, PENGU is at a critical level. If the price fails to hold here, we could see a deeper decline toward $0.04 or lower. The liquidation suggests that selling pressure could continue, potentially leading to more losses.
⚖️ Volume Alert: Increased volume could indicate further downside. If the selling continues, we could see the price fall toward the next support zone. However, any reduction in selling volume may signal consolidation or even a possible reversal.
💥 Risk Management: Ensure that stop losses are in place to protect positions. A break below $0.041 could open the door to additional losses, so manage risk carefully, especially if you're looking to enter any positions.
Upside Potential: If PENGU manages to stabilize around $0.041 and finds support, there could be a rebound toward $0.042. However, the market’s direction will depend on how it handles the liquidation pressure.
The market is highly volatile after this liquidation—be cautious and adjust your strategies accordingly as the situation develops!