PNUT Technical Analysis
As mentioned in our previous analysis, the falling wedge formation has been broken upwards. We should be following the strong support area of $0.219 - $0.23 after the breakout. The price could reach and test the wedge targets as long as it stays above this strong support zone. The main target of the formation is the price level of $0.36. Other important targets are the resistance levels of $0.266 and the $0.307 - $0.323 area respectively. However, if the price drops below $0.219, it will re-enter the wedge and then the targets will be considered invalid. In short, the price is at a very critical level.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
