$PNUT Total Short Liquidation: $5.0329K. Price at Liquidation: $0.6905

The $PNUT market has witnessed a massive short liquidation, totaling over $5,000 at the price level of $0.66572! This sudden move has shaken up the shorts in the market, leading to a significant liquidating event.

What Does This Mean.

Short liquidations like this often result in a spike in price, as traders who are short on the asset are forced to buy back to cover their positions. The more liquidations, the more buying pressure, creating the potential for a bullish rally.

Why Should You Care.

1. Potential Bullish Movement: The liquidation of shorts can trigger a price surge as positions get unwound.

2. Market Sentiment Shift: A large liquidation often signals a shift in market sentiment, which can fuel buying momentum.

3. Risk of Further Liquidations: If the price continues to rise, we might see more short liquidations, amplifying the price movement.

Key Levels to Watch.

Current Price: $0.66572

Resistance Zones: Watch for resistance around $0.70 and $0.75.

Support Zones: If the price pulls back, $0.60 and $0.55 could act as support levels.

Next Steps for Traders.

Monitor the market closely for any signs of further short squeeze.

If you’re looking to trade, consider the buy zone near $0.65 to $0.70, with a stop-loss around $0.60.

Stay updated on any market news that could trigger more liquidations or price shifts.

The volatility is real buckle up for an exciting ride.

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