$PNUT Trading Update
A recent long liquidation worth $12.432K occurred at a price of $1.27069 indicating selling pressure in the market.
Here’s a breakdown of what this means and the actionable steps you can consider for your next move.
1. Liquidation Trigger.
Long positions were forcibly closed as the price dipped below a key support level.
This reflects a bearish sentiment in the short term.
2. Impact on Market Sentiment.
Large liquidations often cause temporary volatility.
A mix of sell-offs and buyer interest near support levels can follow.
Buy Zone. $1.24 to $1.26
This is a strong support area based on previous price action.
Look for a confirmed bounce before entering.
Target Levels (Profit Zones).
1. First Target: $1.32 (Short Term Resistance)
2. Second Target. $1.40 (Medium Term Resistance)
3. Final Target. $1.50 (Strong Resistance and Psychological Level)
Stop Loss.
Set a stop loss at $1.22 to limit downside risks.
This level ensures you exit if the bearish momentum intensifies.
Strategy Suggestions:
1. For Buyers.
Wait for a pullback near $1.24-$1.26 and monitor trading volume.
Enter if there’s a bullish reversal pattern like a double bottom or hammer candlestick.
2. For Sellers (Shorting).
If the price breaks below $1.22, it might drop further toward $1.18-$1.20.
Short positions should be cautious as buyers may defend key support zones aggressively.
Risk Management Tips.
Never invest more than 5-10% of your portfolio in a single trade.
Always use a stop-loss and ensure a risk reward ratio of at least 1:2 for profitability.
Stay updated with market news or whale movements for sudden price actions.
Market Outlook.
Current momentum suggests consolidation or a slight pullback.
If
$PNUT sustains above $1.26, we might see a rally towards $1.32.
This analysis is for informational purposes only. Always conduct your own research before making investment decisions.
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