Total Liquidated Amount: $13.89K Price at Liquidation: $4.5893
In a dramatic twist, $OM has witnessed a massive short liquidation of $13.89K at the $4.59234 price point. This is a significant shakeup for traders betting against $OM, as the price surged past their positions, triggering a cascade of liquidations.
What Does This Mean?
Short liquidations occur when traders who are betting that the price will fall (short sellers) are forced to buy back their positions as the market moves against them.
As more short positions get liquidated, this can lead to a ripple effect—fueling buy pressure and pushing the price even higher.
What’s Next?
This liquidation could cause a short squeeze, where the price spikes rapidly as more short positions are closed. Watch out for further upward momentum if more liquidations occur.
Support and Resistance Levels:
Immediate support is likely around $4.50 (prior consolidation area).
Next resistance could be near the $5 mark, as traders start to take profits.
For Traders:
Buy Zone: If $OM pulls back to $4.50, consider it a potential buy zone.
Target: Watch for the $5 level as the next major target.
Stop-Loss: A stop below $4.40 could help manage risks, ensuring protection in case of a deeper correction.
brother set stop same buy price..no need to close this
Jihad Majumder
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How are you the peoples of Binance? I'm your very crypto noob guy saying, It was my first short trade ever,now can anyone please suggest me for Hold or Close??❤️ Advance thanks for suggestion $ACT