PNUT shows a descending channel pattern, indicating a downtrend. The price recently broke below mid-channel support and is currently trading at $0.2839, down 3.11%. The descending trendlines suggest continued bearish pressure. A long position is marked on the chart, with an entry near the current level, a take-profit target around $0.34 near the upper trendline, and a stop-loss near $0.2090 below the lower channel boundary. This setup implies a bullish counter-trend trade within the channel, anticipating a bounce from the lower support trendline. Volume has recently increased, hinting at stronger market activity as price approaches the lower boundary.
