Quick chart analysis (PNUT/USDT):
General trend:
• The chart shows a significant rise over the previous days, as the price rose from lows (~0.035) to around 2.2 before starting a correction phase.
• Currently, the price is moving in a sideways range between 1.8 and 2.0, indicating a balance between supply and demand forces.
Volume:
• Trading volume was high during the big rally, indicating clear interest from traders.
• In the current correction phase, the volume is relatively low, reflecting a slowdown in buying or selling activity.
Support and resistance:
• Nearest Support: The 1.80 level appears to be providing support at the moment.
• Nearest resistance: Level 2.00 represents a clear barrier preventing the price from rising.
Possible expectations:
1. Positive scenario: If the price manages to stay above the 1.80 level and the volume continues to rise, the price may try to break the 2.00 level and return to the uptrend.
2. Negative scenario: If the support level of 1.80 is broken, the price may decline to 1.60 levels or lower.
Warnings:
• The previous rapid movement may be the result of speculation, which increases the possibility of large fluctuations.
• It is important to follow news or events related to the currency because they may be behind the big rise.
Recommendations:
• For investors: Wait for confirmation of the breakout of the 2.00 level before entering to buy.
• For speculators: The current sideways range between 1.80 and 2.00 can be exploited by buying and selling within this range.
• Use stop loss at reasonable levels to reduce risk.
