1000$BONK Long Liquidation: $9,902.9 Erased at $0.03155!
The meme coin market strikes again, and this time 1000$BONK has delivered a jolt to traders as a $9,902.9 long position was liquidated at a pivotal level of $0.03155!
In a brutal twist, those who hoped for a rally are now left reeling as the market takes a sharp downturn.
What Happened?
Leveraged traders betting on a price increase for 1000BONK were caught off guard as the price failed to sustain momentum and dipped below the $0.03155 level.
This breakdown triggered stop-losses and forced liquidations, erasing nearly $9.9K from the market in an instant.
As these positions were unwound, it unleashed more selling pressure, further compounding the volatility.
Why It’s Crucial
1. Support Breach: The $0.03155 level was considered a critical support point.
The failure to hold it indicates growing bearish pressure, with potential for further downside.
2. Liquidation Cascade: A liquidation of nearly $10K isn't insignificant—it's enough to amplify selling and shake the confidence of traders.
Liquidations often create cascading effects, fueling more price drops as traders are forced to exit.
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