---$PNUT
$PNUT/USDT Technical Analysis – 4H Chart Breakdown
📈 Current Price: $0.7619 (+23.16%)
The chart shows a promising bullish setup with a clearly visible double-bottom pattern forming at $0.5867 (Bottom 1) and reconfirmed at $0.5867 (Bottom 2). This pattern is widely recognized as a potential trend reversal indicator, suggesting the sellers may be losing momentum while buyers are stepping in.
Key Observations:
1. Double-Bottom Formation:
The price tested the same low twice, confirming strong demand at the $0.5867 level.
Double-bottom patterns are often followed by bullish breakouts if the resistance is cleared.
2. Resistance Zone:
The $0.78-$0.80 range acts as a significant resistance zone.
This zone has been tested multiple times but has yet to break convincingly.
3. Current Price Action:
After a strong recovery from the bottom, the price is now consolidating near the resistance zone.
A decisive breakout above $0.80 could lead to a sharp rally toward the next targets, potentially reaching $1.00 and beyond.
4. Volume Analysis:
The 24H volume at 1.21B USDT reflects increased activity, supporting the possibility of a sustained move.
What to Watch:
🔹 Bullish Scenario:
A breakout above the $0.78-$0.80 resistance zone with strong volume could confirm the double-bottom pattern.
Potential targets: $0.90, $1.00, and beyond.
🔹 Bearish Scenario:
Failure to break the resistance may lead to another pullback toward the $0.65-$0.58 support zone.
Strategy Tips:
1. Aggressive Traders:
Look for a breakout and retest above the $0.80 resistance for entry opportunities.
2. Conservative Traders:
Wait for confirmation of sustained bullish momentum before entering long positions.
3. Stop Loss Placement:
Below the $0.58 support level to manage risk effectively.
---
Final Thoughts
This setup highlights an interesting opportunity for traders, but always remember to manage risk wisely and avoid over-leveraging. The market sentiment and upcoming volume will play a critical role in determining the next move.
💬 What’s your prediction for $PNUT? Will we see a breakout above $0.80, or will resistance hold? Let us know in the comments!
#CryptoTrading #PNUTUSDT #DoubleBottom #MarketAnalysis
---