Thrilling Update on #VINE Long Liquidation!
A whopping $1.1033K worth of long positions have been liquidated at the critical price level of $0.24479. This marks a significant move in the market, showing intense volatility for $VINE traders.
Why is this important?
Such liquidations often indicate key support or resistance breakouts.
Bulls may have overleveraged, and now bears are taking control at this level.
Key Analysis
Current Price Action: Price dipping to $0.24319 has triggered liquidations, reflecting a potential breakdown of bullish sentiment.
Support Level: If $0.24319 fails to hold as support, $VINE could retest lower levels. Watch for areas like $0.22 - $0.24, which could act as the next demand zone.
Resistance: Bulls now need to reclaim $0.26+ to regain momentum.
What’s Next for $VINE?
1. If Bearish Momentum Continues:
Look for the price to consolidate between $0.22 and $0.24.
Bears could push for further liquidations if this range breaks down.
2. If Bulls Fight Back:
Watch for a potential bounce above $0.245-0.247.
A successful recovery could aim for $0.26-$0.28 as a target zone.
Trading Strategy
Buy Zone: Consider entries near $0.22-$0.24, provided strong support holds.
Target Levels: Look for profits at $0.26, $0.28, and $0.30 in case of a reversal.
Stop Loss: Place stops around $0.21 to manage risk in case of further downside.
Keep an eye on volume and order book activity to spot any sudden shifts in market sentiment. This thrilling liquidation shows that the game is far from over for $VINE! Will the bulls make a comeback or will the bears reign supreme? Let’s see how it unfolds.