Current Price
• Current Price: $0.7774 USDT
• Change: -$0.0879 (-10.16%)
• Day’s Range: $0.7501 - $0.8662 USDT
• Volume: 175.04M PNUT
The price of PNUT/USDT is showing a significant decline of 10.16% for the day, with price currently hovering around $0.7774 USDT. This drop comes after recent negative news about Peanut’s owner’s legal warning to Binance, which may have triggered some bearish sentiment in the market.
30-Minute Time Frame Analysis
1. Trend:
• The 30-minute chart indicates a clear downtrend as the price has moved from the day’s high of $0.8662 to the current level of $0.7774.
• The overall trend remains bearish, and without a major shift in sentiment, further downside movement is possible.
2. Key Support Levels:
• Primary Support: $0.7500 — This is the lower limit of the day’s range and acts as a major support level. If broken, the next support might be at $0.70.
• Secondary Support: $0.6169 — This level aligns with the 0.618 Fibonacci retracement and could provide a significant reversal opportunity.
3. Key Resistance Levels:
• Primary Resistance: $0.8662 — This is today’s high and serves as an immediate short-term resistance.
• Secondary Resistance: $1.00 — This is a psychological resistance level that also represents a round number traders often react to.
• Higher Resistance: $1.18 - $1.20 — Identified as the resistance range from a previous technical analysis of the 4-hour chart.
4. Momentum Indicators:
• Oscillators: Mixed signals, but leaning towards bearish momentum.
• Moving Averages (MA): Short-term MAs are tilting bearish as the price has been trending below them for most of the session.
Market Sentiment and Insights
1. Bearish Sentiment:
The market sentiment for PNUT/USDT is largely negative following the news of a legal warning from Peanut’s owner to Binance. Such fundamental factors often cause fear, uncertainty, and doubt (FUD), leading to increased selling pressure.
2. Trading Volume:
Volume for the day is 175.04M PNUT, indicating relatively high participation, which might signal a potential shift in direction soon.
3. Possible Price Movement:
• Bearish Scenario: If support at $0.7500 breaks, the price may fall to $0.70 or even $0.6169, where buyers might return, as this level corresponds with the Fibonacci support.
• Bullish Scenario: If PNUT breaks the resistance at $0.8662, the next key target would be $1.00, and sustained bullish momentum could push it to $1.18-$1.20.
4. News Impact:
The recent legal warning could result in extended bearish momentum. However, watch for any sudden reversal signals, as altcoins often show sharp rebounds after periods of heavy selling.
Summary
• Current Trend: Bearish
• Support Levels: $0.7500, $0.6169
• Resistance Levels: $0.8662, $1.00, $1.18-$1.20
• Market Sentiment: Bearish
Keep an eye on the support level at $0.7500. If it fails, a drop to $0.6169 could be in play. On the upside, resistance at $0.8662 and $1.00 must be cleared for the price to establish a bullish reversal.
