Technical Analysis: $PNUT

/USDT 🎯

Overview

PNUT/USDT has shown impressive movement in the last 24 hours, surging +15.10% to its current price of $0.7171. With high trading volumes and volatility, the token is attracting significant attention. Let’s dive into the technicals and set targets for potential traders.

Key Levels and Analysis

1. Resistance Levels:

Primary Resistance: $0.7300 (24H high). A breakout above this level could signal a continued bullish run.

Secondary Resistance: $0.7800. Strong psychological barrier and prior trading zone.

2. Support Levels:

Immediate Support: $0.6800. Any pullback might stabilize here, backed by current trading momentum.

Critical Support: $0.5852 (24H low). A break below could lead to further downside.

3. Indicators:

Moving Average (MA): Current price is above the short-term MA, signaling bullish momentum.

Relative Strength Index (RSI): Close to the overbought zone; a potential retracement may occur before further movement.

Targets 🎯

1. Target 1 (Short Term): $0.7300

Testing the 24-hour high. If breached, it can attract FOMO-driven buyers, pushing prices higher.

2. Target 2 (Medium Term): $0.7800

This aligns with prior trading resistance and psychological levels. Sustained volume and sentiment are key to hitting this mark.

3. Target 3 (Long Term): $0.8500

A breakout above $0.7800 could lead to a rally, potentially reaching new highs. Watch for macro market trends and overall sentiment.

Conclusion

PNUT/USDT is currently in a bullish phase with significant upward potential. However, traders should watch key support and resistance levels and consider setting stop-loss orders to mitigate risks. Stay updated with market trends and volume changes.

Happy Trading! 🚀