$OP Long Liquidated: $84.9K at $1.780 – Bulls Hit Hard!
A massive $84.9K long position on $OP was wiped out at $1.780, shaking up the market.
This liquidation highlights significant selling pressure and the vulnerability of overleveraged positions in a volatile environment.
What’s Behind This Move?
The market faced a sharp pullback, breaking below key support levels.
Liquidations added to the momentum, creating a cascade of downward pressure.
Critical Levels to Watch:
Support Zone: $1.75 is the next critical level. A break here could lead to further declines.
Resistance Zone: $1.80 now acts as a ceiling for any recovery attempts.
Next Move for Traders:
1. For Bulls:
Wait for consolidation above $1.75 before re-entering.
Use a stop-loss below $1.74 to manage risk effectively.
2. For Bears:
A clean break below $1.75 could signal further downside potential.
Place a stop-loss above $1.81 to guard against reversals.
This liquidation is a reminder of the risks in leveraging during volatile conditions.
Stay cautious and plan your moves wisely.