the first drop in $PNUT was from 2.5 to 1.5. price bounced of 1.50 to rally to 2.2 which is the 61.8% retracement of the drop.

price broke 1.50 to continue the bearish momentum to 1.00

1.00 is the 61.8% retracement of the bullish leg from 0 to 2.50.

61.8% is a natural occurring support and resistance level. it is quite organic and appears a lot in the market.

when bullish it act as support. when bearish it acts as resistance.

now that 1.00 sets itself as a base, which 61.8% should it next go to?

the 61.8% retracement of the bearish leg from 2.5 to 1.00 is 1.90.

1.90 is where we will go.

can we go beyond that? it remains a possibility because the general sentiment of the whole market is bullish!