Here's why we think PNUT might be ready to bounce:
Technical Analysis
Let's dive into the technicals!
* Doji Candle: A doji candle is a candlestick pattern that signals indecision in the market. In this case, we see a doji followed by a wick off the bottom, which can be a bullish sign.
* 21-MA Support: The price is currently holding above the 21-day moving average on the 6-hour chart. This is a key level of support, and holding above it suggests bullish momentum.
* 0.382 Fib Level: Price is also holding above the 0.382 Fibonacci retracement level. This is another important support level, and holding above it further supports the bullish case.
* 4-Hour RSI Bouncing: The Relative Strength Index (RSI) on the 4-hour chart is bouncing off the median line. This suggests that buying pressure is increasing, which could lead to a price reversal.
Potential Scenarios
Bullish Scenario:
If the price can hold above the 21-MA and 0.382 Fib level, we could see a move back to the upside. The next target could be the $1.6151 level, which is the 0.618 Fibonacci retracement level.
Bearish Scenario:
If the price breaks below the $1.45 level, we could see a retest of the $1 level, which is the 0.618 Fibonacci retracement level.
Conclusion:
While there are potential signs of a bottom forming for PNUT, it's important to remember that the market is always uncertain. It's always a good idea to do your own research and consult with a financial advisor before making any investment decisions.
Disclaimer:
This is not financial advice. Please do your own research before making any investment decisions.
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