$PNUT Analysis and Forecast
Current Price: $0.6063 (-11.86%)
Market Overview:
$PNUT has dropped significantly, nearing a critical support level at $0.6000. This zone is pivotal and could determine whether a relief rally or further decline follows.
Key Levels:
Support: $0.6000 โ A crucial demand zone. A breakdown here could push the price toward $0.5500 or lower.
Resistance: $0.7000 (immediate) and $1.0000 (major hurdle in case of recovery).
Trend:
The current trend is bearish, but the $0.6000 support could offer an opportunity for a rebound if buyers step in.
Predictions:
If the support holds:
Short-Term Target: $0.7000
Medium-Term Target: $0.8500
If the price breaks below $0.6000:
Downside Risk: $0.5500
Trading Strategy:
1. Bullish Setup: Consider entering near $0.6000 with a stop-loss set below $0.5900.
2. Profit-Taking: Secure partial profits at $0.7000 and watch for a potential move toward $0.8500.
3. Bearish Setup: If $0.6000 fails, look for short opportunities targeting $0.5500.
Stay cautious and watch volume and momentum closely to confirm the next move.