PNUTUSDT: Approaching a Key Level – Go Short or Wait for a Reteswww.tradingview.com
Hey, traders! 🐂🐻
Today, we’re looking at BINANCE: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:
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.
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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:
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! 🚀
