📊 PNUT/USDT Market Analysis – Daily Chart Overview
The PNUT/USDT pair is currently navigating a period of consolidation after facing significant selling pressure in the past few days. Let’s dive deeper into the technicals to understand the current situation and potential future scenarios.
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📌 Key Highlights:
1. Current Price: $1.1542 (+2.19%)
2. 24H High: $1.4026
3. 24H Low: $1.0812
4. Volume Activity:
PNUT: 358.68M
USDT Equivalent: $430.87M
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🛠 Technical Levels to Watch:
Resistance Zone: The price faced strong rejection from the $1.35 - $1.40 region, indicating that sellers are heavily defending this zone. For any bullish momentum to resume, breaking and closing above this range is crucial.
Support Zone: The $1.00 - $1.10 level serves as the key support area. This zone aligns with the previous demand block where buyers stepped in strongly, pushing the price higher. If the price dips to this level again, we could see a retest or a potential bounce.
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📉 Price Action Overview:
The pair experienced a sharp decline after peaking near $2.50, with sellers dominating the market.
Following the drop, PNUT is consolidating within a tight range, reflecting a battle between buyers and sellers.
A downward arrow on the chart suggests the possibility of a move to retest the lower support zone at $1.00 - $1.10.
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📈 Potential Scenarios:
1. Bearish Scenario:
If selling pressure intensifies, PNUT could break below its current consolidation and retest the $1.00 - $1.10 support zone.
A breakdown of this support could open the door for further declines, with the next psychological level near $0.85.
2. Bullish Scenario:
If buyers regain strength and the price manages to break above the $1.35 resistance zone, we could see a push back toward $1.50 or higher.
Sustained momentum above $1.50 could shift market sentiment back to bullish.
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💡 Strategy Tips:
For Traders: Keep a close eye on volume and price action near the key zones. Watch for signs of strength or weakness before entering a position.
For Investors: This could be a good opportunity to observe how the price behaves at support before making long-term decisions.
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⚠️ Note: This analysis is for informational purposes only. Always conduct your research and risk management before trading or investing.
Stay tuned for more updates and let us know your thoughts on the current market trend!
