PNUTUSDT: Approaching a Key Level – Go Short or Wait for a Retes
tradingview.com/chart/MEGH26b2/
Hey, traders! 🐂🐻
Today, we’re looking at
PNUTUSDT, and the chart looks tense. The price has dropped to 0.61254 USDT, and the bears seem to be gaining momentum. Looking at this diagonal resistance line, one thing is clear: the market is gearing up for a move.
The chart shows a classic downtrend structure, and the key support levels scream potential reversal points. But as they say, "don’t go all in until the setup is confirmed."
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🔑 Key Levels:
Support:
Resistance:
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🚩 Strategy:
Entry Point:
- Open a short position after a retest of 0.62000 USDT, provided bears maintain control.
Stop-Loss:
- Place your stop above 0.64000 USDT to avoid sharp moves against your position.
Take-Profit Targets:
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📈 Technical Breakdown:
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💡 What’s Next?
Bears seem to be in control, but the market might go for a local retest. What do you think? Wait for a bounce back to resistance or catch the move now? Share your insights – collective wisdom always wins! 🚀
Hey, traders! 🐂🐻
Today, we’re looking at
PNUTUSDT, and the chart looks tense. The price has dropped to 0.61254 USDT, and the bears seem to be gaining momentum. Looking at this diagonal resistance line, one thing is clear: the market is gearing up for a move.The chart shows a classic downtrend structure, and the key support levels scream potential reversal points. But as they say, "don’t go all in until the setup is confirmed."
---
🔑 Key Levels:
Support:
- 0.60223 USDT – a critical zone where buyers might try to hold the asset.
- 0.59000 USDT – the last line of defense before a potential dump.
Resistance:
- 0.62000 USDT – the nearest level where bears continue to apply pressure.
- 0.64000 USDT – the next resistance level holding back upward movement.
---
🚩 Strategy:
Entry Point:
- Open a short position after a retest of 0.62000 USDT, provided bears maintain control.
Stop-Loss:
- Place your stop above 0.64000 USDT to avoid sharp moves against your position.
Take-Profit Targets:
- 0.60223 USDT – the first level to "skim the cream".
- 0.59000 USDT – the second target if bearish pressure persists.
- 0.58000 USDT – the final target in case of a full breakdown of support.
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📈 Technical Breakdown:
- The downtrend remains dominant until the price breaks 0.62000 USDT.
- Volume confirms bearish activity, especially around resistance levels.
- A break below 0.60223 USDT could signal further downside.
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💡 What’s Next?
Bears seem to be in control, but the market might go for a local retest. What do you think? Wait for a bounce back to resistance or catch the move now? Share your insights – collective wisdom always wins! 🚀
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