$PNUT /USDT Plummets Is Recovery on the Horizon?
PNUT
0.5148
-20.99%
$PNUT /USDT is trading at $0.5345, down by 15.80% in the last 24 hours, reflecting significant selling pressure. After reaching a 24-hour low of $0.5254, the price is consolidating within a narrow range, indicating a potential pause in bearish momentum.
Market Overview:
Current Price: $0.5345
24h High/Low: $0.6818 / $0.5254
Trend: Bearish consolidation
Key Levels to Watch:
Support Levels:
1. $0.5254: Immediate support that could stabilize prices.
2. $0.5000: Psychological level and critical support to prevent further sell-off.
Resistance Levels:
1. $0.5520: First resistance level to regain bullish traction.
2. $0.5860: Major resistance that needs to be cleared for a sustained recovery.
Trading Strategies:
Bullish Setup:
Entry Point: Above $0.5520 for confirmation of a recovery.
Targets:
$0.5700
$0.5860
Stop-Loss: Below $0.5254 to limit losses.
Bearish Setup:
Entry Point: Below $0.5254 for continuation of the downtrend.
Targets:
$0.5000
$0.4800
Stop-Loss: Above $0.5520 to manage risk.
Technical Insights:
RSI (49.78): Neutral, indicating a lack of strong momentum.
Wm%R (-54.49): Indicates the asset is moving toward oversold levels.
MACD: Slight bullish divergence suggests a potential short-term rebound.
Traders should watch for a breakout above $0.5520 or a breakdown below $0.5254 to determine the next directional move. Risk management is essential in this volatile market condition, especially with the ongoing bearish sentiment
