$PNUT Long Liquidation Sparks Market Shift
A $1,520.7 long position in $PNUT was liquidated at $0.68685, triggering a surge in selling pressure and indicating a potential shift in market sentiment.
This liquidation could mark the beginning of a bearish trend or a critical support test.
Key Details:
Liquidation Amount: $1,520.7
Liquidation Price: $0.68685
Market Sentiment: Bearish momentum emerging
Next Moves:
1. Set a Stop Loss:
For long positions: Place a stop loss near $0.68000 to protect against further declines.
For short positions: Set a stop loss near $0.69000 to limit risk in case of a bounce.
2. Watch Critical Levels:
Support: $0.68000 – A break below this level could indicate further downside potential.
Resistance: $0.69000 – A push above this level may signal a possible recovery.
3. Risk Management:
Be cautious with position sizing in volatile conditions.
Monitor the price action closely for any signs of trend reversal.
With $PNUT showing signs of weakness, traders must stay alert as the market enters a crucial phase.