Analysis and Prediction for $PNUT
Current Price Action:
$PNUT is trading at $0.6136, down 11.86% in the last 24 hours. The price has reached a significant support level near $0.6000, a critical area for potential reversal or further breakdown.
Analysis:
Support Zone: The $0.6000 region has acted as a key demand zone. A breakdown below this level could lead to further downside toward $0.5500 or lower.
Resistance Zone: Immediate resistance lies near $0.7000, with a stronger barrier at $1.0000 if recovery occurs.
Trend: The steep decline suggests a bearish trend, but the support at $0.6000 could trigger a relief rally if buying interest increases.
Prediction:
If the support holds:
Short-Term Target: $0.7000
Medium-Term Target: $0.8500
If the price breaks below $0.6000:
Downside Risk: $0.5500
Trading Strategy:
1. Consider long positions near $0.6000 with a stop-loss below $0.5900.
2. Take partial profits near $0.7000 and monitor for further upside toward $0.8500.
3. If the price fails to sustain above $0.6000, reevaluate for potential short positions targeting $0.5500.