$PNUT breakout Alert ⚠️

Chart Patterns:

- Symmetrical Triangle: The chart shows a symmetrical triangle pattern, indicated by the converging trend lines. This pattern suggests a period of consolidation before a breakout, which could be either bullish or bearish depending on the direction of the breakout

Analysis:

- Trend: The price is currently below the MA(25) but above the MA(7), which might imply short-term downward momentum against a slightly longer-term support level.

- Pattern Implication: The symmetrical triangle could lead to a significant move once the price breaks out of the pattern. Look for increased volume as a confirmation of the breakout direction.

Potential Scenarios:

- Bullish Breakout: If the price breaks above the upper trend line of the triangle, it could targets 2, 2.1 , 2.2 , 2.5 or higher, depending on momentum.

- Bearish Breakout: A break below the lower trend line might see the price test the 24h low at 1.53707 or lower

Conclusion:

The PNUT chart shows a consolidation phase with potential for significant movement upon breakout from the symmetrical triangle pattern. Traders should watch for a breakout with accompanying volume for confirmation of the next trend direction.