$PNUT /USDT: Is the Pullback a Temporary Pause or a Sign of

More Downside? 🔍

After reaching a recent high of $0.1789, $PNUT has pulled back and is currently testing a critical support level at $0.1635. The price action shows increasing selling pressure, but there is still hope for a rebound if this level holds. Traders are eyeing these crucial levels to decide the next move for PNUT.

Key Levels to Monitor ⚡

Support Zone: $0.1635 – This is the level that must hold for a potential bounce to the upside. If it fails, we could see further declines, possibly testing $0.1600 or lower.

Resistance Zone: $0.1729 – A move above this level could signal a bullish reversal, opening the door for higher targets.

Trade Setup Strategy 🎯

Entry Point: $0.1661 – Enter at this level for a possible short-term rebound.

Targets:

$0.1695 – Short-term target for initial profits.

$0.1729 – Mid-term target that could signal a bullish recovery.

$0.1789 – Extended target if the price gains sustained momentum.

Stop Loss: $0.1627 – To protect against further downside risks, use a tight stop loss below the support level.

Market Analysis 📊

The MACD indicator is showing bearish momentum, which suggests caution for now. Additionally, the Parabolic SAR points to a downward trend but is nearing reversal territory, indicating that a shift could be imminent. Trading volumes have been on the decline, which may point to price stabilization before the next significant move.

Final Thoughts 💡

PNUT is currently at a pivotal juncture. A breakout above $0.1729 could trigger a rally, but if support at $0.1635 fails, further downside could be on the horizon. Traders should be vigilant and watch for confirmation before taking any positions, while always practicing strong risk management.

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