Liquidation Alert: $PNUT Long Position Liquidated
A $97.6K long position on $PNUT was liquidated at $0.753, signaling strong downward pressure in the market. This could be a result of increased selling activity or failure to maintain critical support levels.
Key Levels to Watch:
Support: $0.720
This is the next major zone where buyers might step in. A bounce here could stabilize the market.
Resistance: $0.780
Bulls need to push above this level to regain control and restore confidence.
Suggestions for Traders:
1. If you're holding:
Observe the $0.720 support zone.
If it holds, consider holding or averaging down cautiously.
If it breaks, consider cutting losses to avoid deeper drawdowns.
2. For new trades:
Buy: Wait for confirmation of support at $0.720. Look for signs like increased buying volume or bullish price patterns.
Sell: If $0.720 fails, consider shorting or waiting for a lower re-entry point.
Risk Management:
Use tight stop-loss levels to protect capital.
Expect volatility in the short term as markets digest the impact of this liquidation.
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