$ZEN For a short liquidation at $5.1006K at $18.308, here's the breakdown with a focus on simplicity and clarity.
What Happened.
The short liquidation of $5,100.6K at $18.308 indicates that a significant amount of traders who were betting on $ZEN's price to go down (short positions) have been forced to close their positions, likely due to the price moving higher. This suggests that there could be a potential upward momentum in the short term.
What’s Next.
Given the current short squeeze, the price could see a temporary surge as the liquidations have taken place. After such a squeeze, $ZEN might continue its upward movement before potentially consolidating or facing resistance at higher levels.
Buy Zone.
Buy Zone. $18.50 to $19.00
The buy zone is ideal for traders looking to catch the upward movement before the price hits potential resistance.
Target.
Target Price. $22.00 - $23.50
After the short squeeze, the price could move towards these levels as it tries to find a new equilibrium. Watch for resistance levels around $22.00 to $23.50.
Stop Loss.
Stop Loss. $16.80
A stop-loss below the previous support level will help minimize losses in case the price pulls back. If the price dips below this level, it could indicate a reversal, and you would want to exit the position.
Key Considerations.
1. Volume. Watch the volume closely. A higher volume can confirm the continuation of the upward move.
2. Market Sentiment. Keep an eye on news and overall market sentiment. Positive news could push the price even higher, while negative news could trigger a pullback.
3. Time Frame. The short squeeze may provide quick gains, but always keep in mind the risk of sudden reversals in the market.
Summary. After the $ZEN short liquidation, there’s potential for upward movement. Focus on entering near the $18.50–$19.00 zone and aim for $22.00–$23.50 as targets.
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