$FET Liquidation Alert!

A massive $56.4K long position just got liquidated at $1.723, sending shockwaves through the Fetch.ai market!

The sudden liquidation has ignited a fierce battle for control of this crucial level, and traders are now bracing for the next explosive move.

Market Breakdown & Insights

1️⃣ Support at Risk:

The liquidation at $1.723 has left the market vulnerable.

If $1.723 fails to hold as support, expect a sharp decline towards $1.650, with $1.600 being the next major support area that could attract new buyers.

2️⃣ Bearish Momentum Building:

Increased Sell Volume: Following the liquidation, selling pressure is intensifying, and we’re seeing a wave of market orders pushing the price lower.

Weak Order Book Below: The order book below $1.723 is thinning, suggesting the potential for a quicker drop if bears maintain dominance.

3️⃣ Whale Involvement?

Liquidations of this scale often indicate whale activity.

Is this a planned shakeout to push out retail traders before an accumulation phase?

Watch for any sudden large buys that could trigger a reversal.

What’s Next for FET?

Bearish Scenario: If $1.723 doesn’t hold, the price could quickly slide to $1.650 or even $1.600, with further liquidations accelerating the drop.

Bullish Reversal: If $FET manages to stabilize above $1.723 and recapture $1.750, it could bounce back toward $1.800 and target a potential retest of $1.850.

Pro Tip: Watch for signs of whale accumulation or sudden reversals. Liquidation zones are often prime opportunities for quick moves, so stay sharp.

$FET 's next move will likely hinge on whether it holds $1.723. If it drops below this level, expect a move toward $1.650 or even $1.600.

However, if it recovers above $1.723 and breaks $1.750, a rally toward $1.800 is possible.

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