Technical Analysis for $PNUT /USDT
Current Price: $0.6963
24h High: $0.7776
24h Low: $0.6931
Key Support & Resistance Levels
Support Level: $0.6931
Resistance Level: $0.7776
Technical Indicators
RSI (Relative Strength Index): Currently trending around 30-35, indicating that the asset may be oversold and a potential reversal could be approaching.
MACD (Moving Average Convergence Divergence): The MACD line is below the signal line, confirming bearish momentum.
Volume: The volume is decreasing, indicating low interest at current price levels. A surge in volume may indicate a trend shift.
Trade Signal
Bearish Momentum: The current price action suggests short-term bearish momentum, with the price nearing the support zone at $0.6931.
Potential Reversal: If the price finds support around $0.6931, a reversal to the upside is possible.
Trade Targets 🎯
1. First Target (Target 1): $0.7250
This level corresponds to an initial retracement level, near the previous resistance zone. It’s likely that the price will face some resistance here.
2. Second Target (Target 2): $0.7500
If the price continues to gain momentum, $0.7500 could act as a strong resistance level. This target aligns with the 50% retracement of the recent move.
3. Third Target (Target 3): $0.7776
This is the 24h high and a critical resistance level. If the market sentiment shifts to bullish, the price could potentially retest this level.
Trade Momentum
Bearish in the Short Term: Currently, the momentum is bearish, but a bounce from the support at $0.6931 could shift the trend to neutral or even bullish.
Watch for Reversal: Monitor the price action around $0.6931 for signs of a reversal. A break below this support could push the price further down.
Volume Surge: Keep an eye on volume. A surge in volume could confirm any price breakouts or breakdowns, signaling the next major price move.
Stop Loss (Optional):
Consider placing a stop loss just below the support level at $0.6900 to manage risk if the price continues downward.