🚀$PNUT /USDT Trade Analysis🚀

Market Overview

$PNUT is trading at $1.5982, showing a significant decline of -12.19% in the past 24 hours. The price has broken below key moving averages, indicating strong bearish pressure. The support at $1.5635 is crucial for further price action.

Long Trade Setup

Entry Point: $1.6100 (wait for a recovery above this level)

Take Profit (TP):

TP1: $1.6800

TP2: $1.7600

Stop Loss (SL): $1.5500 (below recent support)

Signal: If $PNUT rebounds from the support zone of $1.5635 and breaks above $1.6100, it could initiate a short-term recovery.

Short Trade Setup

Entry Point: $1.5800 (on a breakdown below this level)

Take Profit (TP):

TP1: $1.5200

TP2: $1.4500

Stop Loss (SL): $1.6200 (above recent resistance)

Signal: A further breakdown below $1.5800 would confirm bearish continuation, targeting lower support levels.

Key Levels to Monitor

Resistance: $1.6600, $1.7600

Support: $1.5635, $1.4500

Caution: The chart indicates increased selling pressure. Ensure strict stop-loss placement to manage risk. Monitor volume closely for signs of a reversal or continuation. Adjust targets based on real-time price movement.

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