technical analysis and trade signal for the $PNUT /USDT pair, based on the current data and price action:
Technical Analysis for PNUT/USDT
1. Current Price: $1.2168
The price is showing slight positive momentum (+0.54%) from the last 24 hours.
2. Key Levels:
Support: $1.1896 (24h Low)
Resistance: $1.3566 (24h High)
3. Price Action:
The price has been fluctuating between $1.1896 and $1.3566 in the last 24 hours. Currently, it is positioned closer to the middle of this range, suggesting indecision and potential consolidation.
4. Indicators and Momentum:
The short-term momentum seems positive, with a 15-minute change of +11.5507% and 1-hour change of +7.3542%. However, there's a slight dip in the 1-day timeframe (-0.4582%).
The strong positive movement in shorter timeframes indicates a potential breakout if the price can hold above $1.2167.
Trade Signal and Targets:
Entry Point:
Buy Zone: If the price breaks above the $1.2167 resistance level, this could be an entry signal for long positions.
Target Levels:
1. Target 1 (First Resistance): $1.30
A short-term target if the price maintains positive momentum.
2. Target 2 (Mid-Term Resistance): $1.35
This level aligns with the 24h high and would act as the next major resistance.
3. Target 3 (Long-Term Resistance): $1.40
If bullish momentum continues, this could be a target based on a breakout from the current range.
Stop-Loss:
Place a stop-loss just below $1.19, the recent 24h low, to limit risk if the price moves against the trade.
Trade Momentum:
Bullish Momentum: The price action and momentum indicators on the shorter timeframes suggest that if the price can break and sustain above $1.2167, the bulls could push the price toward $1.30 and beyond.
Bearish Risk: A failure to maintain above $1.19 could lead to a bearish move, with price targeting lower levels such as $1.15 or $1.10.
