$PNUT Coin Analysis Hourly Frame:
Technical indicators used:
1. Moving Averages (MA):
MA(7): 1.1637 (red)
MA(25): 1.1449 (Blue)
MA(99): 1.2155 (yellow)
The current price (1.1685) is trading above the short-term averages MA(7) and MA(25) but below MA(99), indicating resistance at 1.2155.
2. Parabolic SAR Indicator:
The dots are pointing below the price recently, which is a bullish signal meaning that the trend has temporarily turned upward.
3. Relative Strength Index (RSI):
RSI(6) is at 61.2164, which is in the neutral to bullish territory, indicating buying momentum but not yet in overbought areas.
4. MACD Indicator:
The MACD line is almost touching zero, with a slight positive crossover between the DIF line and the DEA line, indicating a possible slight upside in the short term.
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Trend analysis:
The overall trend is still bearish in the medium term as the price has not broken MA(99).
With current indicators (MACD, SAR, RSI), there is an attempt at a bullish bounce that could be a buying opportunity for a quick scalp until the resistance levels at 1.2155.
Support and resistance points:
Current support: 1.1174
Current resistance: 1.2155
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Recommendation♥♥♥:
If the price continues to hold above the short moving averages MA(7) and MA(25), we can consider buying with a target near 1.2155.
Place stop loss below 1.1174 to avoid risk in case of trend reversal.