$PNUT reach $2+?👇
Analyzing the PNUT/USDT chart on the 8-hour timeframe:
Observations:
1. Current Price Action:
The price is trading at $1.2546 and consolidating near the red support zone after a sharp rejection from the recent highs.
A descending triangle is forming with a horizontal support zone around $1.10-$1.15 and lower highs compressing towards the apex.
2. Resistance Levels:
The descending trendline is acting as resistance, currently near $1.30-$1.35.
The next major resistance level is $1.50-$1.55, and then $2.00, which appears to be a psychological and technical level from the previous rally.
3. Support Levels:
The red support zone around $1.10-$1.15 is crucial. A breakdown could send the price to the next support at $0.90-$1.00.
4. Volume:
Volume has declined significantly compared to the initial rally, indicating a consolidation phase.
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Prediction for the Next Move:
Bullish Scenario:
If the price breaks above the descending trendline and closes above $1.35, it could retest $1.50 and potentially $2.00. This would require strong volume to confirm the breakout.
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Suggested Buy and DCA Ranges:
1. Buy Zone: $1.10-$1.15 (near support).
2. DCA Levels:
First level: $0.90-$1.00.
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Summary:
Watch for a confirmed breakout above $1.35 with volume for a bullish move toward $2.00.
Place stop-losses below $1.10 to manage risk, as a breakdown could lead to a significant drop.
If buying for the long term, use DCA around $1.00 and $0.9 and build this position.
- I already buy this my buy average cost around $0.87 and my advice to you buy this and hold Big breakout soon...
- Buy now...👉$PNUT 👇
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