$PNUT /USDT: NAVIGATING THE BEARISH WATERS 🚀📉

The $PNUT /USDT pair is currently experiencing a significant downtrend, with the price dropping to $1.1508, reflecting a 7.91% decrease. The 24-hour high and low are $1.2791 and $1.1271, respectively. The trading volume for PNUT is 180.50M, while for USDT, it is 217.67M. The chart shows a clear bearish pattern with lower highs and lower lows, indicating a strong selling pressure.

Current Market Conditions: The market is showing a bearish sentiment with continuous red candles dominating the chart. The price has recently bounced off the $1.1271 support level but is struggling to gain upward momentum. The overall trend suggests that sellers are in control, and the price might continue to decline if the support level is breached.

Trade Scenarios:

-Bearish Scenario: If the price breaks below the $1.1271 support level, it could head towards the next support at $1.1150. Traders can consider short positions with a target price (TP) of $1.1150 and a stop loss (SL) at $1.1508.

- Bullish Scenario: If the price manages to hold above the $1.1271 support level and breaks above the $1.2034 resistance level, it could signal a potential reversal. Traders can consider long positions with a TP of $1.2916 and an SL at $1.1271.

Market Outlook: The $PNUT/USDT pair is currently in a bearish phase, and traders should be cautious. Monitoring key support and resistance levels is crucial for making informed trading decisions. The market sentiment is likely to remain bearish unless there is a significant change in trading volume or market news.

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