$ATOM Short Liquidation Alert!
Amount: $1,463.2K
Price Liquidated At: $6.83
A massive short position of $1.46M has been liquidated at $6.83, signaling heightened volatility and potential bullish pressure in the market.
This could mark a key inflection point for $ATOM, as the liquidation suggests bears are losing their grip while bulls gain momentum.
Key Observations:
1. Critical Level Tested: The $6.83 level could act as a new support zone if buying pressure continues. Watch if atom holds above this level.
2. Volume & Sentiment: Increased liquidation volume often reflects panic among shorts, potentially triggering a short squeeze and further price surges.
3. Market Momentum: A breach of this level could lead to more shorts covering their positions, accelerating upward movement.
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Next Move:
For Bulls:
Entry Point: Consider entering long if $ATOM sustains above $6.85 with strong volume.
Stop Loss: Place a stop loss below $6.75 to limit risk.
Profit Target: Aim for resistance levels at $7.00 and $7.25.
For Bears:
Be cautious about entering new short positions unless atom shows clear rejection at $6.90 or higher.
Look for a potential retracement below $6.75 before considering any short re-entry.
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Takeaway:
This liquidation could act as a catalyst for significant market moves.
If bulls maintain control, $ATOM could rally sharply.
Stay alert for rapid shifts in sentiment and price action!