$PNUT Long Liquidation: $21,950 Erased at $0.70964!
A dramatic turn of events has rocked the $PNUT (Peanut Coin) market as a $21,950 long position was liquidated at $0.70964—a significant price point that has left traders reeling and created ripples across the crypto space.
Traders betting on a price increase for PNUT saw their positions evaporate when the market suddenly reversed, triggering a liquidation at the key level of $0.70964.
The liquidation of $21.95K adds to the growing concerns of leveraged trading risks, as the price action caused a rapid decline, forcing stop-loss orders to fire and leading to more forced selling.
Why It’s Major
1. Massive Liquidation: The scale of the liquidation—$21,950—is not insignificant and signals potential weakness in PNUT's recent rally.
Liquidations at this size can disrupt market sentiment, causing further price declines.
2. Support Breach: $0.70964 was a crucial support level for PNUT, and its breach signals possible bearish momentum, especially if the price fails to recover.
3. Market Sentiment Shift: Liquidations like this can cause a psychological shift in the market, with traders now questioning the stability of the price and reevaluating their positions.
Market Reactions
Key Support Zones: With $0.70964 falling, traders will now focus on potential support around $0.68 and $0.65. Resistance,
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