$PNUT Next target analysis:
Based on the chart and indicators provided, here’s a potential analysis of the next move for PNUT/USDT:
1. Trend Analysis:
Current Trend: The price is in an uptrend, holding above both the EMA(7) and EMA(25). This signals bullish momentum.
Key Resistance: Around the 2.1599 zone (recent high). If the price tests this level and breaks it, the uptrend could continue.
2. Support and Resistance Levels:
Resistance: 2.15 – 2.16 (previous high). A break above could target 2.50 or higher.
Support: Immediate support near 1.80 (EMA 7). If this fails, the next strong support is around 1.53 (24h low).
3. Indicators Outlook:
RSI:
Currently at 67, nearing overbought but still room for more upward movement. If RSI crosses above 70, a reversal or slowdown could occur.
Stochastic RSI:
Currently oversold, indicating a potential rebound in the short term.
Volume: Strong volume will be needed to push through resistance levels.
4. Potential Scenarios:
Bullish Scenario:
If price consolidates and breaks above 2.15 with high volume, it could head toward 2.50.
Bearish Scenario:
If price fails to break resistance and drops below EMA(7), a pullback to 1.80 or 1.53 is possible.
Strategy:
For Long Positions: Consider buying on a breakout above 2.15 with a stop-loss below 1.80.
For Short Positions: Watch for rejection at resistance (2.15) or a break below 1.80 to enter with targets around 1.53.
Keep monitoring market sentiment and volume for confirmation.
#WorldLibertyXChainlink