Massive Long Liquidation Alert

Asset: $PHA (Phala Network)

Liquidation Amount: $1,983.2 (nearly $2K)

Liquidation Price: $0.3351

What Happened.

The market saw a significant liquidation of longs, totaling almost $2K at a crucial price level of $0.33466. This indicates that leveraged traders betting on a price increase were caught off guard as $PHA dipped below their liquidation price.

📊Key Takeaways for Traders:

1. Support & Resistance Zones:

Immediate Support: $0.330 (watch for bounce opportunities).

Resistance Zone: $0.340 - $0.345 (crucial for recovery).

2. Current Trend: Bearish pressure persists in the short term, with the long liquidations signaling weakness in buying momentum.

3. Leverage Warning: The liquidation reflects the dangers of using excessive leverage in a volatile market like $PHA.

Pro Tip:

If you're trading $PHA, watch these levels carefully and consider setting tight stop-losses to protect your capital. For potential re-entry, wait for confirmation above $0.340 to avoid being trapped in further downside moves.

Will $PHA recover soon, or is more pain ahead.

Let’s discuss in the comments!

#PHA/USDT #BinanceAlphaAlert #ShareYourTrade #BNBBhutanReserves #OnChainLendingSurge