$FOLKS experienced a short squeeze near $17.28, triggering liquidations of bearish positions. This caused a sudden upward spike in the price.
Price Action:
The immediate support is now around $17.20–$17.25, where previous shorts were cleared.
Resistance lies near $17.50–$17.60, which could cap the short-term rally.
Market Implications:
The liquidation indicates strong buying pressure, especially from traders covering shorts.
Momentum may continue upward in the short term, but watch for profit-taking near resistance.
Short-Term Bias: Bullish, as the short liquidation creates upward momentum, but caution is advised around $17.50–$17.60.
FOLKSUSDT
Perp
11.48
-50.32%