PNUT/USDT Trading Analysis
The PNUT/USDT pair is currently trading at $0.7173, showing a sharp upward momentum of +14.80% in the last session. Here's a comprehensive breakdown of its key levels, trading strategy, and market potential:
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Key Levels
Support Zones:
$0.6800: Immediate support level following the recent breakout.
$0.6200: Strong demand zone that previously held during corrections.
Resistance Zones:
$0.7400: Immediate resistance due to recent price rejection.
$0.8000: A psychological level and key breakout zone.
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Technical Indicators
1. Volume Spike: The rising volume confirms strong bullish interest.
2. RSI (Relative Strength Index): Nearing overbought levels but still has room for upward movement.
3. Price Action: PNUT broke out of a consolidation pattern, signaling potential continuation.
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Trading Strategy
Bullish Setup
Entry: Enter long if price sustains above $0.7200.
Target Zones:
Primary Target: $0.8000
Extended Target: $0.9000
Stop Loss: Place at $0.6800 to minimize downside risk.
Bearish Setup
Entry: Enter short if price falls below $0.6800.
Target Zones:
Primary Target: $0.6200
Extended Target: $0.5800
Stop Loss: Place at $0.7200 to avoid false breakdowns.
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Future Outlook
PNUT/USDT is gaining traction as buyers dominate the market. If the momentum continues, we could see a move toward the $0.8000 level and potentially higher. However, if the support at $0.6800 breaks, a deeper correction could follow.
Next Move
Patience is key! Watch for a confirmed breakout above $0.7400 or a rejection at this level before entering. Stay disciplined, and manage your risk effectively.
Trade wisely!
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