$PNUT /USDT – BULLS FIGHT BACK BUT MAJOR RESISTANCE AHEAD, BREAKOUT OR FAKEOUT?
Current Price: $0.2412
24H High/Low: $0.2433 / $0.2218
Volume (24H): 86.83M PNUT / 19.91M USDT
Key Levels:
Immediate Resistance: $0.2450
Next Resistance: $0.2600
Major Resistance Zone: $0.2750
Support 1: $0.2300
Major Support: $0.2179
$PNUT /USDT is currently bouncing with a +6.35% daily gain, suggesting short-term bullish momentum. However, price is now testing the $0.2450 resistance, which has previously acted as a rejection point. The bulls need a strong close above this level to confirm further upside. Price remains within a broader downtrend on higher timeframes, so caution is key.
Trade Setup (LONG):
Entry: $0.2420 – $0.2460 (on breakout confirmation)
Targets (TP):
TP1: $0.2600
TP2: $0.2750
Stop Loss (SL): $0.2290 (below key support)
Alternate Setup (SHORT):
Entry: $0.2440 – $0.2450 (if rejection confirmed)
Targets (TP):
TP1: $0.2300
TP2: $0.2180
Stop Loss (SL): $0.2510
Market Outlook:
Despite recent bounce, PNUT remains in a longer-term downtrend, and this rally could be a dead cat bounce unless volume surges and price breaks above $0.2600. Momentum favors short-term traders, but sustainability is uncertain without a bullish catalyst.
Risk Management:
Stick to a 1-2% risk per trade. For volatile meme coins like PNUT, tighter risk control is crucial. Always wait for confirmation before entering.
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