Technical Analysis and Trade Signals $PNUT
/USDT๐๐ฏ
Current Price: 1.7783 USDT
Indicators:
Bollinger Bands (20, 2):
The price is near the upper band (1.8182 USDT), which could indicate that itโs approaching resistance. If the price breaks this level, it could signal a continuation of the bullish trend. The middle band at 1.7008 USDT is acting as dynamic support.
Parabolic SAR (0.02, 0.2):
The SAR value at 1.8194 USDT suggests the trend is likely to remain bullish, as the price is close to this level. A move above the SAR would confirm further upside momentum.
Target Levels:
1. First Target ๐ฏ: 1.8598 USDT (24h High)
If the price breaks above the upper Bollinger Band (1.8182) and SAR (1.8194), the first target is the 24h high at 1.8598. This level represents resistance where profit-taking may occur.
2. Second Target ๐ฏ: 1.90โ1.92 USDT
If bullish momentum continues, the next resistance could be around 1.90โ1.92, a psychological round number and near the potential extension above the 24h high.
3. Third Target ๐ฏ: 2.00 USDT
A strong breakout above 1.92 USDT could drive the price towards 2.00 USDT, a significant milestone, offering another resistance point for traders to watch.
Support Zones:
Immediate Support: 1.7008 USDT (Middle Bollinger Band)
A move below this support would suggest a potential reversal or consolidation. If the price breaks and closes below this level, watch for a retest of lower support levels.
Trade Momentum:
Current Momentum: Bullish
The price has been rising steadily, supported by the strong trading volumes (2.09B PNUT and 2.36B USDT), and the current indicators (Bollinger Bands and SAR) suggest a continued upward momentum.
Caution Zone:
If the price fails to break above the upper Bollinger Band or the Parabolic SAR (around 1.8194), we could see a pullback to the middle band (1.7008 USDT) or the lower Bollinger Band (1.5834 USDT). A move below these levels would signal a weakening bullish trend.