$PNUT /USDT Technical Analysis & Trade Signals
Current Price: $1.2232
24h High: $1.3124
24h Low: $1.2063
24h Volume: 179.63M PNUT / 227.10M USDT
Key Support and Resistance Levels:
Support Level: $1.2063 (24h Low)
Resistance Level: $1.3124 (24h High)
Technical Indicators:
1. Relative Strength Index (RSI): The RSI shows a bearish divergence, suggesting the price could face downward pressure soon if the RSI continues to trend below 50.
2. Moving Averages:
50-day Moving Average: $1.2500, indicating slight bearish sentiment.
200-day Moving Average: $1.2800, which acts as a longer-term resistance level.
3. MACD: Currently showing a bearish crossover, indicating the momentum is to the downside.
4. Volume: Volume is decreasing, suggesting consolidation before any breakout or breakdown.
Trade Signals:
1. Short-Term Bearish Signal:
Entry: Around $1.2200 if the price retraces from the current level.
Stop Loss: Set at $1.2600 (just above recent resistance).
Targets:
Target 1: $1.2063 (24h Low)
Target 2: $1.1900 (Next major support)
Target 3: $1.1500 (Lower support zone)
2. Bullish Reversal Signal (if the market shows signs of support at current levels):
Entry: Above $1.2300 (break above short-term resistance).
Stop Loss: $1.2000 (below recent support).
Targets:
Target 1: $1.2600 (previous resistance)
Target 2: $1.2800 (200-day moving average resistance)
Target 3: $1.3124 (24h High)
Trade Momentum:
Bearish Momentum: Current price action suggests a slight downward trend, supported by the bearish MACD crossover and RSI under 50.
Bullish Momentum: If the price breaks above $1.2300, we could see a reversal towards the resistance levels at $1.2600 and $1.2800. However, this will depend on volume picking up and the market sentiment turning positive.
Summary:
Bearish scenario: Watch for any price rejection near $1.2300 to take short positions with targets towards $1.2063 and $1.1900.
Bullish scenario: If the price breaks above $1.2300, it could set up for a move higher with targets of $1.2600, $1.2800, and ultimately $1.3124.