$PNUT/USDT Technical Analysis and Trade Signal 🔥🔥🔥
Current Price: $0.611 (-4.18%)
Trend: Bearish
The recent decline and high trading volume point to selling pressure. However, the price is nearing a possible support zone near its 24-hour low, where a bounce might occur.
Support & Resistance Levels
Support: $0.585 (critical level for a reversal)
Resistance: $0.645 (short-term), $0.710 (major level)
Indicators Overview
1. RSI (Relative Strength Index): In the oversold zone (<30), suggesting a potential short-term bounce.
2. Moving Averages:
Price is below both the 50 EMA and 200 EMA, confirming the bearish trend.
3. MACD: Bearish crossover, though momentum is slowing, hinting at possible consolidation.
Trade Signal
Strategy: Scalping or Short-Term Swing Trade
Momentum: Bearish, but oversold conditions suggest a relief rally may occur.
Entry Points:
Buy: $0.590–$0.600 (if support holds).
Avoid or sell below $0.585 (if support breaks).
Targets 🎯
Target 1: $0.645 (short-term resistance)
Target 2: $0.685 (key resistance zone)
Target 3: $0.710 (medium-term potential)
Stop-Loss: $0.575 (to manage downside risk).
Risk-Reward Ratio
Risk: $0.015–$0.020 (entry to stop-loss).
Reward: $0.045–$0.120 (depending on target).
Risk/Reward Ratio: ~1:3
Market Outlook
While the market remains heavily bearish, oversold RSI levels indicate a short-term recovery could be on the horizon. A break above $0.645 might signal a stronger upward move. However, failure to hold the $0.585 support could lead to further declines.
