Technical Analysis: $PNUT
Current Price: 1.1329 USDT
24h High: 1.2767 USDT
24h Low: 1.1271 USDT
Key Support & Resistance Levels:
Support (Near Current Price): 1.1271 USDT
Resistance (Near Recent High): 1.2767 USDT
Trend Analysis:
Short-term Trend: Bearish
Medium-term Trend: Neutral with potential for a bounce
Long-term Trend: Bearish (Considering the 9.93% drop in the last 24 hours)
Momentum Indicators:
RSI (Relative Strength Index): 40 (Neutral to Bearish)
MACD: Slightly below the signal line, indicating weak bearish momentum
Volume: Increasing selling pressure in the last 24 hours, indicating the continuation of the downtrend if no reversal occurs.
Trade Signals:
Sell Signal: If the price falls below 1.1271 USDT (support), this could indicate a continuation of the downtrend, targeting lower levels.
Buy Signal: If the price rises above 1.1400 USDT and maintains momentum, consider entering long positions with targets at the resistance zones.
Three Target Levels 馃幆:
1. Target 1: 1.1450 USDT (Near-term resistance and potential breakout level)
2. Target 2: 1.1650 USDT (Intermediate resistance level, slightly higher recovery point)
3. Target 3: 1.2767 USDT (24h high, strong resistance level)
Momentum Overview:
Bearish Momentum: Current price action suggests bearish sentiment with selling pressure building up. A break below 1.1271 will confirm the downtrend.
Bullish Reversal: For a bullish reversal, the price needs to break above 1.1400 and hold above that level, with increasing volume for confirmation.
Strategy:
If you are shorting, consider entering near the current price with a stop just above 1.1400 and targets at 1.1271 (support) and lower levels.
If you are going long, wait for confirmation above 1.1400, and set targets at 1.1450, 1.1650, and 1.2767.
Be mindful of market volatility and monitor price action near key levels for optimal entry and exit.