In the turbulent cryptocurrency market, PNUT showed amazing rebound strength at the key support level of 590 today, jumping 20% in one fell swoop, like a raging fire, unstoppable. This wave of market undoubtedly made many investors excited, and some even couldn't hold back their excitement and impulsively entered the market. However, in this hustle and bustle, I maintained a rare calmness and caution, and reserved my opinion on the future trend of PNUT.
1. The general trend is downward, and the range fluctuation is difficult to change
The primary reason why I am cautious about PNUT is that its overall trend is still downward. Unless PNUT can successfully break through the important pressure level of 771 and gain a firm foothold, it will continue to fluctuate repeatedly in the narrow range of 590 to 771. This range-bound market is often full of variables and unpredictable.
Two, trading volume increases, rebound strength is questionable.
Additionally, it is worth noting that the current rebound of PNUT is accompanied by a significant increase in trading volume. Although an increase in trading volume is usually seen as a sign of heightened market activity, in the current range-bound market, the increase in volume may also indicate a deepening of market divergence. Therefore, we cannot simply interpret the increase in trading volume as a signal that PNUT is about to start a new round of upward momentum.
Three, response strategy: observe first, then act.
In response to the current trend of PNUT, our strategy should be 'observe first, then act.' Specifically, we should closely monitor market performance near the resistance level of 771. If PNUT encounters significant pressure at this level, we may consider appropriately reducing positions or shorting to avoid risks. Of course, if PNUT can successfully break through 771 and continue to rise, we can also timely adjust our strategy to follow the market trend.
Four, maintain patience and wait for signals.
Finally, it is important to emphasize that there are currently no clear signals indicating that today's wave of increase for PNUT is about to end. Therefore, in the absence of clear signals, we should not blindly enter the market. Instead, we should maintain sufficient patience and calmness, waiting for more definitive signals from the market before making decisions.
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