$PNUT Next move analysis:
Based on the provided chart for the PNUT/USDT trading pair, here's an analysis of its potential next move:
Key Observations
1. Price Action:
The price is currently at $1.5907, showing a downward trend with a -9.81% change over the past 24 hours.
Recent candles suggest strong selling pressure, as evidenced by the break below the EMA (Exponential Moving Averages) levels (7 EMA, 25 EMA, and 99 EMA).
2. Moving Averages:
EMA(7): $1.6713 and EMA(25): $1.7398 are above the current price, confirming bearish momentum.
The EMA(99) at $1.4921 is acting as the next potential support level.
3. Volume:
Significant 24-hour volume (298.6M PNUT), but this could indicate aggressive selling.
4. Indicators:
RSI (Relative Strength Index): At 18.68, the asset is deeply in oversold territory, suggesting a possible relief bounce or consolidation soon.
Stochastic RSI: At 9.59, it aligns with the RSI in oversold conditions, indicating that the downward momentum could slow.
5. Support and Resistance Levels:
Immediate Support: Around $1.4921 (EMA 99), and below that, $1.4000 could act as another support zone.
Immediate Resistance: Near $1.6500–$1.6700 (EMA 7 and recent breakdown level).
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Potential Next Move
Bearish Case (Likely): If the current bearish momentum continues, the price may test the next support at $1.49. Breaking below this could open a path to $1.40.
Bullish Case (Relief Rally): Oversold conditions (RSI and Stochastic) might lead to a short-term bounce toward $1.65–$1.70, which could face strong resistance.
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Trading Strategy
1. For Buyers (Long):
Wait for confirmation of reversal signals, such as a breakout above EMA (7) and bullish candlesticks.
Enter near support zones ($1.49–$1.50) with tight stop-losses.
2. For Sellers (Short):
Look for opportunities to short near resistance ($1.65–$1.70) if the price fails to reclaim EMA levels.
Consider trailing stops to lock in profits during extended downtrends.
