$SNXX
, chart watchers, this sudden drop to $8.23 just triggered a notable cluster of long liquidations, and the current intraday structure is getting highly interesting. When a coin flushes its overleveraged longs this quickly, it often resets the local order book and creates a temporary vacuum. We are looking at a possible consolidation phase right after the flush, and a breakout above the immediate resistance is needed to confirm a reversal.
📌 Reference Price: $8.23 (Long Liq Level)
▶ Entry Zone: $8.22 – $8.25
✦ TP1: $8.35
✧ TP2: $8.48
✶ TP3: $8.65
✖ Stop Loss: $8.12
The entry zone captures the immediate aftermath of the $8.23 liquidation event, allowing us to participate in the potential bounce with minimal risk. TP1 targets the first minor resistance where early buyers might take profit, while TP2 and TP3 look for a full recovery to pre-flush levels. The stop loss is placed safely below the liquidation wick to invalidate the setup if sellers maintain control and push for a lower low.
Support: $8.12 / $8.00
Resistance: $8.40 / $8.60
Zooming into the current move, the price action shows a clear liquidity grab at $8.23. This long liquidation event suggests that weak hands have been shaken out, leaving the order book lighter and more prone to sudden moves. The momentum is currently cooling off, which is typical after a sharp deleveraging phase. We need to see if buyers can absorb the remaining sell pressure and form a definitive base.
Traders, I’m more interested in the reaction at this level than the initial spike down, as the recovery will tell us the true market intent.
Let’s see whether buyers can actually defend this $8.23 area and push for a relief bounce, or if this is just a pause before another leg down.
, chart watchers, this sudden drop to $8.23 just triggered a notable cluster of long liquidations, and the current intraday structure is getting highly interesting. When a coin flushes its overleveraged longs this quickly, it often resets the local order book and creates a temporary vacuum. We are looking at a possible consolidation phase right after the flush, and a breakout above the immediate resistance is needed to confirm a reversal.
📌 Reference Price: $8.23 (Long Liq Level)
▶ Entry Zone: $8.22 – $8.25
✦ TP1: $8.35
✧ TP2: $8.48
✶ TP3: $8.65
✖ Stop Loss: $8.12
The entry zone captures the immediate aftermath of the $8.23 liquidation event, allowing us to participate in the potential bounce with minimal risk. TP1 targets the first minor resistance where early buyers might take profit, while TP2 and TP3 look for a full recovery to pre-flush levels. The stop loss is placed safely below the liquidation wick to invalidate the setup if sellers maintain control and push for a lower low.
Support: $8.12 / $8.00
Resistance: $8.40 / $8.60
Zooming into the current move, the price action shows a clear liquidity grab at $8.23. This long liquidation event suggests that weak hands have been shaken out, leaving the order book lighter and more prone to sudden moves. The momentum is currently cooling off, which is typical after a sharp deleveraging phase. We need to see if buyers can absorb the remaining sell pressure and form a definitive base.
Traders, I’m more interested in the reaction at this level than the initial spike down, as the recovery will tell us the true market intent.
Let’s see whether buyers can actually defend this $8.23 area and push for a relief bounce, or if this is just a pause before another leg down.