PNUT/USDT: Potential Breakout Opportunity!
Hello, Binance traders! 👋 Here's an exciting chart analysis for PNUT/USDT on the 4-hour timeframe. 🚀
Currently, PNUT is showing promising signs of a potential trend reversal. Let’s break it down:
1. Key Trendline Break:
After being in a steady downtrend for some time, PNUT is approaching a critical breakout zone (marked in yellow). A break above this resistance could signal the start of bullish momentum.
2. Supply Zones:
- Immediate target supply zone: $0.80 - $1.00
- Higher target supply zone: $1.50+
These zones are key levels where profit-taking might occur, so stay cautious!
3. Bullish Structure Formation:
We see a solid *Break of Structure (BOS)* pattern forming, indicating that buyers are gaining strength.
4. Potential Price Path:
A strong rally is expected if PNUT breaks out above the descending trendline. Watch out for the price to push towards the $1.50 zone, offering a solid risk-to-reward opportunity.
📉 Risk Management:
- Support Zone: $0.59
- Stop Loss: $0.47
Always trade with proper risk management!
Let’s keep an eye on this breakout scenario. If the market sentiment aligns, PNUT could offer a great swing trading opportunity. Happy trading! 💹