$PNUT /USDT is currently trading at $1.1411, showing a -4.74% decline in the last 24 hours. The token is experiencing continued downward momentum, with losses of -15.42% over the past 7 days and -26.40% over the past 30 days. Current price action suggests bearish sentiment with opportunities for short-term trades in both directions.
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Key Market Data
24H High: $1.2433
24H Low: $1.1301
Resistance Levels:
Immediate Resistance: $1.1800
Major Resistance: $1.2500
Support Levels:
Immediate Support: $1.1300
Major Support: $1.1000
Trading Volume (24H):
PNUT: 80.06M
USDT: 95.25M
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Trading Strategies
1. Long Trade Setup
Entry Zone: $1.1300 - $1.1400 (near immediate support)
Target 1: $1.1800
Target 2: $1.2100
Target 3: $1.2500 (if breakout occurs)
Stop Loss: $1.1000
Reasoning:
The $1.1300 support level has shown buying interest, making it a potential bounce zone for long positions.
If the price stabilizes above this level, PNUT could move towards its resistance levels.
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2. Short Trade Setup
Entry Zone: $1.1800 - $1.2000 (near immediate resistance)
Target 1: $1.1500
Target 2: $1.1300
Stop Loss: $1.2200
Reasoning:
PNUT has faced selling pressure near $1.1800, indicating a potential zone for pullbacks.
A rejection here provides an opportunity to capitalize on bearish momentum toward the $1.1300 support.
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Predictions
Bullish Case:
1. Breakout Potential: If PNUT/USDT breaks above $1.1800, the price could target $1.2500 in the short term.
2. Extended Rally: Sustaining above $1.2500 could trigger further bullish momentum, potentially pushing PNUT towards $1.3000.
Bearish Case:
1. Breakdown Risk: Failure to hold $1.1300 may result in a decline toward $1.1000.
2. Further Correction: A breakdown below $1.1000 could extend losses to $1.0500 or lower.
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Conclusion
PNUT/USDT is currently consolidating near key levels, with $1.1300 acting as a strong support and $1.1800 as immediate resistance. Traders should watch these levels closely for confirmation of a breakout or rejection before entering trades.
Risk Management Tips:
Use strict stop-loss levels to manage risk in a highly volatile market.
Confirm trade entries with volume and candlestick patterns.
Trade wisely and stay informed!#binanacesquarenews #Binancepen_spark #CryptoNewsCommunity 
