$PNUT /USDT Trading Analysis - Breakout Attempt with Resistance Challenges
Chart Overview:
$PNUT /USDT is trading at $0.7501, up 7.07% in the last 24 hours. The price has made a strong move upwards, touching a 24-hour high of $0.7720 before retreating slightly. The chart shows a significant breakout attempt, with key resistance and support levels in focus.
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Long Trade Setup:
Entry Zone: $0.7450 - $0.7600
Targets:
Target 1: $0.7800
Target 2: $0.8000
Target 3: $0.8200
Stop Loss: $0.7200 (below recent support)
Analysis for Long Trade:
The breakout above $0.7400 suggests strong bullish momentum. If the price sustains above $0.7500, it could test $0.7800 and potentially $0.8000. Volume confirmation will be key to validating the breakout.
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Short Trade Setup:
Entry Zone: $0.7700 - $0.7800 (if rejection occurs)
Targets:
Target 1: $0.7300
Target 2: $0.7000
Stop Loss: $0.7900 (above resistance to avoid false breakouts)
Analysis for Short Trade:
If the price fails to break and sustain above $0.7700, it could face selling pressure, leading to a pullback toward $0.7300 or lower. Watch for declining volume or bearish candlestick patterns as confirmation.
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Predictions and Market Behavior:
1. Bullish Scenario: A sustained move above $0.7600 could push the price to $0.8000 or higher, driven by continued buying momentum.
2. Bearish Scenario: Failure to hold above $0.7500 may lead to a retracement to $0.7300 or $0.7000 as traders take profits.
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Key Levels to Watch:
Resistance Levels: $0.7700, $0.8000, $0.8200
Support Levels: $0.7400, $0.7200, $0.7000
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Risk Management Tip:
With PNUT's recent volatility, ensure proper position sizing and use tight stop losses. Monitor volume closely to validate breakouts or breakdowns.
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