$TAO Liquidation Alert: $63K Long Position Wiped Out at $512.05!
The market just took an unexpected turn as a hefty $63,000 long position on TAO was liquidated at the critical price of $512.05.
This sharp movement shows that bullish traders were caught off guard, and bears are momentarily in control.
What Does This Mean?
The liquidation signals weakness in the bullish momentum, with sellers overpowering buyers at a key resistance level. Volatility is picking up, and traders need to stay alert!
What Could Happen Next?
1️⃣ Bearish Continuation:
$TAO may test the lower levels if selling pressure continues. Look for potential support at $500 or $480 if the drop intensifies.
2️⃣ Bullish Recovery Potential:
If buyers regain control, a rebound above $520 could pave the way for a retest of the $530-$540 resistance zone.
3️⃣ Key Levels to Monitor:
Immediate Resistance: $520 (failed to hold earlier).
Critical Support: $500 (psychological level).
Suggested Strategy:
For Bulls: Watch for signs of stabilization at $500 before considering an entry. Avoid chasing the market.
For Bears: Stay cautious as volatility increases — trailing profits could help you secure gains.
The battle between bulls and bears is heating up.
The next move could define the short-term trend, so trade wisely!