$PENGU Long Liquidation Alert
Coin: $PENGU
Liquidation Value: $5.6489K
Price Level: $0.04039
Here’s a breakdown of this PENGU liquidation:
Price Action: PENGU dropped below $0.041, triggering a long liquidation of $5.6489K at $0.04039. This move indicates a shift in market sentiment as the price failed to hold above crucial support, causing liquidations of long positions.
Volume Surge: Trading volume surged by 17%, signaling a sharp rise in market activity as the bearish momentum intensified, particularly following the liquidation of long positions.
Market Sentiment: The market sentiment is currently bearish, with the next major support at $0.039. Bulls need to reclaim the $0.041 level to avoid further declines and regain some upward momentum.
Opportunity for Traders:
If PENGU holds around $0.040, it could present a buy-the-dip opportunity, with targets at $0.041 and $0.042.
A sustained drop below $0.040 might push the price to test the next support zone near $0.039.
Key Insight: The liquidation event highlights the vulnerability of long positions. The $0.040 level will be critical in determining whether PENGU can bounce back or faces further downside.
Price Targets:
Upside Potential: Recovery to $0.041 - $0.042
Risk Zone: Below $0.040, potential drop toward $0.039
Keep an eye on PENGU as it tests crucial support levels for the next big move!