technical analysis and trade signal for the $PNUT /USDT pair with three target levels and momentum indicators:
1. Current Price:
1.3532 USDT
2. Price Action Overview:
The price has shown strong upward movement, gaining +31.24% in the last 24 hours, with significant price action between the 24h High (1.4037) and 24h Low (0.9533).
This momentum suggests bullish sentiment, but the price might face resistance near the 1.40-1.41 range, considering the recent high.
3. Key Support and Resistance:
Support Level (1): 1.00 - 1.05 (Strong support area; potential bounce region)
Resistance Level (1): 1.40 - 1.42 (Tested resistance zone; potential breakout or rejection)
4. Indicators:
RSI (Relative Strength Index): Currently in the 70-75 range indicating overbought conditions, suggesting a potential pullback or consolidation.
MACD (Moving Average Convergence Divergence): Bullish crossover, signaling continued upward momentum but be cautious of a possible divergence if price fails to break resistance.
EMA (Exponential Moving Average): Price is currently above the 50 EMA, indicating an ongoing bullish trend.
Trade Signal:
Given the current bullish momentum, the price is likely to continue its upward trend with a slight risk of consolidation or pullback before a potential breakout.
Entry Signal:
Buy Entry: Consider entering around 1.35 to 1.40 USDT, with a tight stop loss around 1.20.
Targets:
Target 1 (T1): 1.45 - 1.47 USDT (First major resistance; expect consolidation)
Target 2 (T2): 1.55 USDT (Next significant psychological level)
Target 3 (T3): 1.60 - 1.65 USDT (Extended upside potential if bullish momentum continues)
Stop Loss:
Set stop loss at 1.20 to protect against unexpected market reversals.
Momentum:
Bullish Momentum: Strong buying interest is seen; however, watch for a possible pullback or a slow correction if the RSI starts to overheat (above 75
Trade Recommendation:
Short-Term Traders: Consider taking profits around the first two target levels (1.45 and 1.55) and reassess the market condition.