Technical Indicators:
1. Moving Average (MA 200):
The price of PNUT/USDT is currently below the 200-period moving average on the 2-hour timeframe.
This indicates bearish momentum in the medium term as the price struggles to regain levels above this important trend indicator.
2. Relative Strength Index (RSI):
The RSI value is 37.83, which suggests that the asset is nearing oversold conditions. This could indicate a potential reversal or a period of consolidation before the next move.
Traders should monitor RSI for a break above 50, signaling improving bullish sentiment.
3. MACD (Moving Average Convergence Divergence):
The MACD line is below the signal line, and the histogram is in negative territory, indicating bearish momentum.
The narrowing of the histogram bars suggests a potential decrease in selling pressure, which could lead to a sideways or slightly bullish movement in the short term.
4. Volume:
Trading volume has significantly decreased, with a current SMA volume of 13.834M. This reflects weak participation, often a precursor to consolidation or a muted breakout attempt.
Chart Patterns:
1. Support and Resistance Levels:
Key Support: $1.15–$1.20
This zone has acted as a significant support level, preventing further downside. A break below this level could lead to a sharp decline toward $1.00 or lower.
Immediate Resistance: $1.35–$1.40
The price has consistently failed to break above this level, indicating strong selling pressure.
2. Trend Analysis:
The overall trend on the 2-hour chart appears bearish to neutral, as the price has formed lower highs and lower lows after a previous rally.
The current price is oscillating within a consolidation range ($1.15–$1.40), suggesting indecision in the market.
3. Clusters and Breakout Points:
The cluster analysis highlights a high confluence area near $1.20, indicating a strong support zone.
The "best" clusters, as per the second chart, appear around $1.25, marking a potential area for breakout attempts.