$STEEM Short Liquidation Alert.

The crypto market is buzzing, and is making waves! A massive short liquidation occurred with $1.1934K worth of short positions getting liquidated at the price of $0.2869. What does this mean for the market and traders.

Key Takeaways:

Short Liquidation: This occurs when traders who are betting on the price of $STEEM going down (short positions) are forced to close their positions due to the price rising instead. This creates buying pressure, often leading to a price surge.

Amount Liquidated: $1.1934K worth of short positions were liquidated, indicating significant market movement and pressure against those holding short positions.

Price Level: The liquidation happened at $0.28728, a crucial price point. This could signal a reversal or rally, as the liquidation event is a strong indicator that the market is pushing back against bearish sentiment.

What’s Next for $STEEM

With such a major short liquidation event, there’s a possibility of continued upward momentum. The market could see more short sellers getting squeezed, driving prices even higher.

Potential Target: Traders might eye $0.30-$0.32 as potential next resistance levels, where profit-taking could start.

Caution: Be aware of potential volatility. These liquidation events can trigger sharp price movements, and a pullback is always possible.

For traders: Monitor closely.

This short squeeze could be the beginning of a larger rally if it gains momentum.

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