---$PNUT
๐ฅ PNUT/USDT Daily Chart Update ๐ฅ
PNUT is currently trading at $0.7823, showing a 16.51% increase in the last 24 hours. The chart displays a rounded bottom pattern, a bullish reversal signal, with the price approaching the key resistance zone between $0.80 - $0.90.
Key Highlights:
1๏ธโฃ Rounded Bottom Formation: This pattern often indicates a shift from a downtrend to an uptrend, suggesting potential for further upside if the resistance is broken.
2๏ธโฃ Resistance Zone: The price is nearing the $0.80 - $0.90 resistance zone. A breakout above this could lead to a continuation rally toward the $1.20 - $1.40 range.
3๏ธโฃ Support Levels:
Immediate support lies at $0.65, where the recent consolidation occurred.
Stronger support is observed at $0.32, the recent low.
4๏ธโฃ Volume Surge: 24-hour volume stands at $568.68M, reflecting increased market participation and interest.
Trade Strategy:
Bullish Case: A breakout above $0.90 with high volume could open doors for a rally to $1.20+. Consider entering long positions on confirmed breakouts.
Bearish Case: If the price faces rejection at the resistance zone, expect a retracement toward $0.65 or lower. Watch for bearish candle formations near resistance.
Trade Setup:
Entry (Long): Upon breakout above $0.90.
Take Profit (Targets):
TP1: $1.10
TP2: $1.20
TP3: $1.40
Stop Loss: Below $0.75 to manage risk.
๐จ Risk Management Reminder: Use proper position sizing and manage your risks carefully!
Whatโs your take on PNUT's movement? Will it break the resistance and surge higher, or face rejection? Let us know your thoughts in the comments! ๐
Disclaimer: This post is for educational purposes only. Not financial advice. Always DYOR before making any trades.
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