$PNUT /USDT Analysis: Consolidation Phase or Reversal Ahead?
$PNUT /USDT is trading at $0.5668, down 6.76% in the past 24 hours, indicating bearish sentiment. However, the price seems to be consolidating around the mid-$0.5600 range. Here's a detailed breakdown:
Support Levels:
$0.5337: Immediate support where buyers might step in.
$0.5200: A critical lower support if bearish momentum strengthens.
Resistance Levels:
$0.5805: The first hurdle for a bullish breakout.
$0.6143: Key resistance to watch for sustained upward movement.
Trading Strategy:
For Bulls: Consider entries near $0.5337 with a tight stop-loss below $0.5200. Target $0.5805 and $0.6143 for potential profits.
For Bears: Short positions below $0.5337, aiming for $0.5200 as a downside target while managing risk above $0.5500.
With RSI at 46, PNUT/USDT is in a neutral zone, suggesting the possibility of either further consolidation or a trend reversal. Monitor volume and momentum indicators closely to confirm the next move.