PNUT/USDT is Dead ?

PNUT/USDT is currently trading within a well-defined descending channel. The price action indicates a consistent downtrend with lower highs and lower lows. Fibonacci retracement levels and triangle patterns provide clues to possible price movement in the short to medium term.

Key Analysis:

Descending Channel:
The price is moving inside a downward-sloping channel. The green lines highlight the upper resistance and lower support. This channel has dictated the overall bearish trend so far.

Fibonacci Levels:

Key Fibonacci levels such as 0.618 ($0.542) and 1.618 ($0.334) are critical areas of support.
If the price breaks below $0.334, it may continue toward $0.28 or $0.12 (2.618 Fibonacci).
Triangle Pattern:
A triangle pattern is forming in the lower range, suggesting price consolidation.

A breakout above the triangle could lead to a reversal toward $0.47 (Channel Resistance) or higher.
A breakdown below the triangle may trigger further downside, confirming the continuation of the bearish trend.
Potential Rebound Areas:



Immediate resistance lies at $0.47, aligning with the upper Fibonacci retracement.
If momentum builds, further targets could be $0.50 or $0.63 (0.382 Fibonacci).

Trading Plan:

Bullish Scenario:
Look for a breakout above the triangle and channel resistance, targeting $0.47 and higher levels like $0.50. Use $0.334 as a critical support level to manage risk.

Bearish Scenario:
If the price breaks below $0.334, consider shorting with targets around $0.28 or $0.12. Ensure to set stop-loss above $0.40 to mitigate risks.

Conclusion:
PNUT/USDT is at a pivotal level. Traders should monitor the triangle breakout closely. Fibonacci levels and descending channel boundaries provide strong guidance for trade entries and exits.

What’s your view on PNUT/USDT? Feel free to share your thoughts and feedback below! 🚀📉