$STEEM Short Liquidation Alert: $1.2251K at $0.3010.
The cryptocurrency market has once again delivered a jolt of excitement! This time, has caught the spotlight with a massive short liquidation worth $1.2251K at a key price level of $0.2892.
What Happened.
Short liquidations occur when traders betting on a price decline (short sellers) face unexpected upward price movements, causing forced buybacks to close their positions. This typically adds bullish momentum to the price, creating volatility and attracting fresh trading interest.
In this case, a significant short liquidation occurred near $0.2892, suggesting an area of strong demand where buyers overwhelmed sellers.
Key Market Insights for
$STEEM Current Price Action
1. Resistance Zone: $0.3000 - $0.3200
2. Support Zone: $0.2700 - $0.2850
Bullish Scenario:
If breaks above $0.3000, expect a rally toward $0.3200 or higher. Sustained buying pressure could lead to further liquidations, fueling upward momentum.
Bearish Scenario:
Failure to hold the $0.2850 support zone could see retracing to test $0.2700 or lower. Watch out for any bearish divergence signals on lower timeframes.
Why Does This Matter.
Short liquidations often signal a shift in market sentiment. The forced closing of short positions at $0.2892 suggests that buyers are stepping in to push prices higher. For traders, this is a critical level to watch as it indicates strong demand and a potential reversal in the short-term trend.
Trading Strategy for
$STEEM Buy Zone:
$0.2850 - $0.2890 (Aggressive)
$0.2700 - $0.2750 (Conservative)
Targets:
Target 1: $0.3000
Target 2: $0.3200
Target 3: $0.3500
Stop-Loss:
Place a stop-loss below $0.2700 to manage risk.
#STEEM #BinanceAlphaAlert #USJoblessClaimsDrop #AIMarketCapDip #BNBBhutanReserves