$ESP just saw a long liquidation worth $1.9982K at the price level of $0.05876, which suggests that traders who were betting on the price to rise were forced to close their positions as the market moved against them.
This kind of liquidation usually reflects short-term selling pressure and shows that the recent upward momentum may have weakened. When long positions get wiped out, it often means buyers lost control temporarily, allowing sellers to push the price lower.
However, liquidation events like this can also help the market reset. Once overleveraged positions are cleared, the price sometimes stabilizes and builds a stronger base for the next move.
Right now, $ESP is likely entering a cooling phase, where the market decides whether to continue downward or consolidate before another potential trend. Traders will be watching closely for signs of support and renewed buying interest.
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