$PNUT / USDT Showing Signs of Bottoming After Downtrend! Ready for a Rebound? 🥜🚀
$PNUT is currently trading at $0.1447, down by -1.16% today.
Looking at the 4-hour chart, $$PNUT has experienced a significant downtrend. However, we're now observing some consolidation and a potential bottoming pattern forming around the $0.144 level. Could the nutty trend be ready for a reversal?
Key Points:
Current Price: $0.1447
24h High: $0.1551
24h Low: $0.1444
Potential Strategy:
Watch for a decisive break above the $0.150 - $0.152 resistance zone. A sustained move above this level could signal the start of a stronger bullish reversal and open the door for a more substantial recovery.
Possible Targets (Short-Term):
Initial Target: Aim for the $0.155 level (24h high) as the first potential target after breaking the immediate resistance.
Further Potential: If the bullish momentum strengthens, the $0.160 - $0.165 range could be the next targets to watch.
Risk Management:
It's crucial to manage risk effectively, especially after a significant downtrend. Consider placing a stop-loss order below a recent swing low to protect against a potential further downside if the reversal fails. Monitor the $0.144 support level for signs of renewed selling pressure.
Disclaimer: Trading cryptocurrencies, especially newer meme tokens, involves substantial risk. This is not financial advice. Always conduct thorough research and analysis before making any investment decisions.
Stay vigilant and watch for confirmation of a potential trend reversal!
