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PNUT/USDT Technical Analysis – 4-Hour Chart Overview
The PNUT/USDT pair is currently trading at $1.0622, reflecting a -2.07% decline in the last 24 hours. The chart reveals a clear descending structure, signaling that the market is consolidating under bearish pressure. Below is a comprehensive breakdown of the current technical outlook.
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Key Observations on the 4-Hour Chart
1. Descending Channel
The price has been trading within a descending channel, marked by lower highs and lower lows. This pattern indicates that the market remains under the control of sellers. Until a breakout occurs, this bearish momentum is likely to persist.
2. Resistance Zones
Primary Resistance (Yellow):
The immediate resistance level is at $1.1370, aligning with the upper boundary of the descending channel. This level must be broken for any bullish reversal to gain momentum.
Secondary Resistance (Blue):
A stronger resistance lies at $1.3813, which coincides with the 100 EMA and prior price rejection zones.
3. Support Zones
Primary Support (Red):
The current support level is at $1.0622, acting as the lower boundary of the channel. A breakdown below this level could lead to further bearish pressure.
Major Support (Blue):
If the price continues to decline, the next significant support is near $0.1047, a critical demand zone where buying activity might increase.
Technical Indicators in Focus
Moving Averages
21 EMA (Yellow Line):
This EMA is trending downward, indicating persistent short-term bearish sentiment.
100 EMA (Blue Line):
The 100 EMA acts as a long-term resistance, reinforcing the bearish structure.
RSI (Relative Strength Index)
The RSI stands at 40.55, signaling bearish momentum but nearing oversold conditions. A further dip in RSI could prompt a short-term bounce if buyers step in.
Possible Scenarios
1. Bearish Continuation
If PNUT fails to hold the $1.0622 support, the following scenarios could unfold:
Short-Term Target: A drop toward the $1.00 psychological level or the $0.90-$0.85 range, where minor support may exist.
Major Target: A deeper correction toward $0.1047, the historical low and a strong demand zone.
2. Bullish Reversal
For a bullish reversal, the price must break out of the descending channel and reclaim key resistance levels:
Initial Breakout Level: $1.1370.
Key Confirmation: Sustained momentum above $1.3813, opening the way for a rally toward $1.50-$1.60.
Conclusion
PNUT/USDT is at a critical juncture, with the price consolidating in a descending channel. Traders should closely monitor the $1.0622 support and the $1.1370 resistance for confirmation of the next move.
Trading Tips:
Bullish Strategy: Wait for a confirmed breakout above $1.1370 before considering long positions, with targets around $1.3813 and higher.
Bearish Strategy: If the price breaks below $1.0622, short positions targeting $0.90 or lower could be viable.
Risk Management: Always use stop-loss orders, especially in a volatile environment like this.
Patience and careful monitoring are key as PNUT approaches a decisive point. Keep an eye on the volume and RSI for signs of a trend reversal or continuation.
Trade wise
ly and stay informed!