Breaking News in the Crypto World.

$PENGU Faces a Massive Long Liquidation.

A whopping $9,960.7 worth of long positions were wiped out at the crucial price level of $0.032962. Traders betting on $PENGU's upward momentum got caught off guard as the market dipped to this liquidation zone, triggering a cascade of liquidations!

What Does This Mean.

1. Long Liquidation:

When the price of PENGU dropped to $0.03299, leveraged long positions (borrowed money to bet on price increases) were automatically closed due to margin calls. This often happens during high volatility or bearish trends.

2. Market Sentiment:

Such liquidations often indicate heavy market pressure. This could be due to:

Bearish sentiments among traders.

Stop-loss hunting by market movers.

A general lack of buying interest near critical support levels.

3. Price Implications:

The liquidation level of $0.03299 now acts as a critical zone to watch. Will it become a resistance level as traders fear re-entry? Or will the bulls reclaim control to push the price upward?

Technical Analysis - Next Moves for $PENGU

Key Levels to Watch:

Support Zone: $0.03200 - $0.03300 (current danger zone).

Resistance Zone: $0.03500 - $0.03650 (buyers need to reclaim this).

Bearish Scenario:

If the price fails to hold $0.03200, we might see a further drop toward $0.03000 or even $0.02850.

Bullish Scenario:

A recovery above $0.03400 could signal renewed buying interest, potentially driving the price toward $0.03800.

Traders, brace yourselves! Volatility is expected to continue in the $PENGU market. As always, trade cautiously, manage risk, and stay informed.

What’s your take on this liquidation event. Are the bulls or bears in control. Let’s discuss below.

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