The downtrend of PNUT is obvious, and the bearish strength may continue to dominate.
From a technical indicator perspective, PNUT's trend shows clear signs of weakness:
The Bollinger Bands have attempted to break through the upper band multiple times without success, and currently present a downward opening, indicating a weakening trend. The moving average system (MA) has formed a death cross with three lines, further confirming the downtrend. On-chain data shows that selling volume continues to increase, indicating a bearish market sentiment, making it difficult for buying power to reverse the situation in the short term.
Combining these factors, the demand for a decline in PNUT in the short cycle has significantly increased, and the opportunity for short positions is relatively clear. In terms of operation, one can arrange short positions below key resistance levels, and be cautious to set stop-loss orders to prevent unexpected rebounds.
I am Mr. Qiu, here to help you see the trend clearly and make decisive decisions!
