$PNUT /USDT Technical Analysis and Trade Signal🔥🔥🔥
Current Price: $0.611
Trend: Bearish
The recent price drop and high trading volume indicate selling pressure. However, the price is approaching a possible support zone near its 24-hour low, where a bounce could occur. Let’s break it down:
Support & Resistance Levels
Support: $0.585 (key level to watch for a reversal)
Resistance: $0.645 (short-term), $0.710 (major level)
Indicators
1. RSI (Relative Strength Index): Oversold zone (<30), indicating potential for a short-term bounce.
2. Moving Averages:
Price is trading below 50 EMA and 200 EMA, confirming the bearish trend.
3. MACD: Bearish crossover, but momentum slowing down, hinting at possible consolidation.
Trade Signal
Strategy: Scalping or Swing Trade (Short-Term)
Momentum: Bearish, but oversold conditions suggest a possible relief rally.
Entry:
Buy near $0.590–$0.600 (if support holds).
Sell below $0.585 (if support breaks).
Targets 🎯:
1. Target 1: $0.645 (short-term resistance)
2. Target 2: $0.685 (key resistance zone)
3. Target 3: $0.710 (medium-term potential)
Stop-Loss:
$0.575 (to limit risk in case of further downside).
Risk-Reward Ratio
Risk: $0.015–$0.020 (from entry to stop-loss).
Reward: $0.045–$0.120 (depending on target level).
Risk/Reward: ~1:3
Trade Momentum
The market is heavily bearish, but with the RSI in the oversold zone, a short-term recovery is possible. A break above $0.645 could signal a stronger upward movement. However, if the price fails to hold the $0.585 support level, expect further downside.