$PNUT Short Liquidation Alert
Amount Liquidated: $1,364.5K
Price Level: $0.71891
A significant $1.36M short liquidation has just rocked $PNUT, as the price surges to $0.71891.
This liquidation is a strong signal of market volatility and growing bullish dominance, potentially setting the stage for more upward momentum.
Key Insights:
1. Short Squeeze in Action: The liquidation highlights intense short pressure being wiped out, a typical precursor to sharp price moves.
2. Resistance Breach: The $0.71891 level may have acted as a resistance point, now turned into support as bulls overpower shorts.
3. Market Sentiment: Liquidations like this can trigger cascading buy orders, pushing prices higher in the short term.
Next Move Suggestions:
1. For Long Traders:
Watch for a breakout above $0.725 with strong volume.
A confirmed move could propel $PNUT toward $0.75 or beyond.
Place stop-loss orders around $0.70 to secure profits if a pullback occurs.
2. For Short Traders:
Avoid entering shorts until a clear rejection near $0.73-$0.74 is observed.
Consider entering short positions only if pnut drops below $0.70 with significant selling pressure.
3. Neutral Approach:
Monitor price action closely. A sustained hold above $0.71891 suggests bullish momentum may continue.
If the price fails to maintain this level, prepare for a potential retracement to $0.68 or lower.
Stay Alert:
The $PNUT market is heating up, with volatility providing both opportunities and risks.
Trade with precision and adapt to rapid price changes!