$PENDLE It looks like there's significant liquidation happening for long positions in $PENDLE, with nearly $10,000 in positions closed at $5.17602. This could signal a potential change in market direction, so let's break down what could happen next.

What Does This Mean.

Liquidation of long positions indicates that many traders were expecting the price to rise, but as it fell instead, their positions were forced to close. This might push the price down in the short term, but it could also present a buying opportunity if the price stabilizes.

Buy Zone.

If you're looking to enter the market, the ideal buy zone is around $4.50 to $4.70. This is based on the recent support levels and potential for a bounce back after liquidation.

Target.

Once the price starts moving upward again, the initial target is $5.50. If the momentum continues, a more ambitious target could be $6.00. Watch for signs of resistance in these zones.

Stop Loss.

To protect your investment, place a stop loss around $4.30. If the price falls below this level, it could indicate further bearish movement, and cutting losses early will protect your capital.

Things to Watch.

1. Volume.

Pay attention to trading volume. If it increases as the price approaches your buy zone, it could indicate strong buying interest.

2. Overall Market Sentiment. Be aware of how the overall market is moving. If the general trend is bullish, $PENDLE could follow suit after a brief dip.

3. Resistance Levels. Watch for resistance around the $5.50-$5.70 range. A break above these levels could signal a stronger move upwards.

Final Thoughts.

While $PENDLE might face some short term volatility due to the liquidation, there’s potential for a recovery. Patience and careful entry could lead to profitable trades.

Stay safe, manage your risk, and trade wisely.

This post provides an organic and clear overview of potential moves for $PENDLE.

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