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$PNUT



Technical Analysis of PNUT/USDT

Preface

The PNUT/USDT pair is currently experiencing a downward trend, as indicated by the continuous red candles on the chart. The price has broken below multiple support levels, suggesting further potential downside.

Support and Resistance

Resistance: The immediate resistance level is around 1.1427, which is the recent low.

Support: The next support level lies at 1.1158, followed by 1.0957.

Indicators

Moving Averages: The 5-day Moving Average (MA(5)) is below the 10-day MA(10), confirming the downtrend.

Volume: The trading volume has been decreasing, indicating declining interest in the asset.

MACD: The MACD line is below the signal line, indicating bearish momentum.

RSI: The Relative Strength Index (RSI) is below 30, suggesting oversold conditions.

Conclusion

The technical indicators suggest a strong bearish sentiment for PNUT/USDT. The price is likely to continue its decline towards the next support level at 1.1158. The MACD and RSI suggest oversold conditions, which might lead to a short-term bounce. However, the long-term outlook remains bearish, and traders should exercise caution.

Disclaimer: This is not financial advice. Trading cryptocurrencies carries inherent risks, and it is essential to conduct your own research before making any trading decisions.

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