$FET Long Liquidation Alert
Amount: $8.2662K
Price Level: $1.55437
Market Overview
$FET has witnessed a significant liquidation event as a long position worth $8.27K was wiped out at the critical level of $1.55437.
This signals intensified selling pressure and possibly a shift in market sentiment. Let's analyze the key levels and predict the next possible moves.
Key Levels to Watch
1. Immediate Support:
The next major support zone is at $1.50, a psychological level where bulls are expected to defend.
If this level breaks, we could see further downside momentum toward $1.45, the previous accumulation zone.
2. Immediate Resistance:
On the upside, $1.58 - $1.60 serves as the first resistance level.
A breakout above this range may push $FET towards $1.65, where significant selling activity was observed earlier.
Momentum Indicators
RSI: Currently, the RSI is trending downward, suggesting weakening bullish momentum.
However, it is approaching the oversold region, which might attract short-term buyers.
Volume: The spike in liquidation volumes suggests a possible capitulation, but a follow-up decline in volume could indicate stabilization.
What's Next?
Bullish Scenario: If bulls can reclaim $1.60 and sustain above, it may signal recovery and a potential move toward $1.70.
Bearish Scenario: A failure to hold $1.50 could open the doors for a deeper correction toward $1.40 or lower. Watch for increased sell-side pressure in this case.
Strategy Recommendations
For Long Traders: Monitor $1.50 for possible bounce setups, but keep tight stop-losses to avoid further downside.
For Short Traders: Look for rejection signals near $1.58 - $1.60 to ride the downtrend, targeting lower support levels.
This liquidation event marks a pivotal moment for FET.
Whether the bulls or bears take charge from here will depend on the ability to hold critical levels in the coming sessions.
Stay vigilant and trade cautiously!
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