$PNUT reach $2 or not?👇
According to technical analysis;
Peanut (PNUT) is making waves at $1.13, surging by an incredible 134.5% with $1B market cap today and catching everyone’s attention. With this explosive move, let’s explore what the next six hours might hold, guided by the charts, indicators, and whale whispers.
Technical Analysis Overview:
1. Momentum Indicators:
RSI: PNUT’s rapid ascent has likely pushed the RSI into overbought territory, hinting that the bulls have been sprinting hard. This often signals the potential for a pause or a pullback as some traders lock in profits.
Moving Averages: Short-term moving averages (e.g., 20 EMA) are likely showing strong upward momentum, confirming a bullish trend. However, this parabolic move could be sensitive to sudden shifts, so caution is key.
2. Key Levels of Support and Resistance:
Resistance: Around $1.15 - This level could serve as a psychological barrier. If PNUT manages to break above it, we could see the rally continue, sparking fresh interest among buyers.
Support: Near $1.00 - If the price starts to retrace, this could act as a foundation, allowing buyers to jump back in at a key level, reinforcing the trend.
3. Whale Activity:
The whales have likely played a role in this rapid rise, but after such a big spike, some may start taking profits, especially near resistance levels. If they sense a strong breakout, however, they might drive the price even higher, intensifying the rally.
Next Move - Prediction:
Scenario 1: Breakout Continuation
If PNUT breaks through $1.15 with convincing volume, it could trigger another wave of buying interest, pushing prices even higher. This move could catch attention from traders looking for momentum plays, driving the price up further.
Scenario 2: Healthy Pullback
Given the overbought conditions, a minor pullback toward the $1.00 support level could allow PNUT to gather more strength. This would offer a chance for new buyers to step in and support a continuation of the upward trend.
Best Trade Setup:
Short-Term Strategy (6 hours):
Long Opportunity: If PNUT breaks above $1.15 with good volume, consider a long position, with a target at higher resistance levels. This breakout would confirm renewed buying interest.
Pullback Entry: If the price dips to around $1.00 and stabilizes, this could be a solid entry for a long position, aiming for a potential bounce back to recent highs.
Bottom Line:
PNUT’s wild rally has created an exciting setup, with bulls in control but a potential cooling period on the horizon. Watch closely at $1.15 for a breakout, or wait for a dip to $1.00 for a safer entry. Either way, the next six hours are set to be thrilling, with potential profits for those who play the setup right! Stay sharp and be ready to act, as PNUT’s momentum might just surprise us all!
- Check now....👉$PNUT 👇
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