- PNUT approaches the 0.618 Fibonacci support at $0.2760, offering a low-risk long opportunity if the trend continues upward.
- Despite the correction, PNUT maintains a broader bullish trend with upside targets at $0.5333, $0.6400, and $0.7315.
- A breakout from the current wedge pattern and rising volume could trigger a strong bullish continuation above $0.35 resistance.
According to Crypto analyst Rose Premium Signals, PNUT/USDT has entered a crucial technical phase after a sharp retracement from its May highs. The token is currently trading at $0.3059, marking a 4.47% drop. This correction brings the price close to the key 0.618 Fibonacci support level near $0.2760. Rose Premium now considers this area a low-risk entry point, signaling potential for a bullish rebound. If this zone holds, PNUT could initiate another upward leg toward higher resistance levels.
Source: Rose Premium Signals
Besides the short-term dip, the broader trend remains bullish. PNUT broke out in early May after weeks of sideways movement between $0.15 and $0.20. This breakout occurred with strong volume, pushing the token past $0.40. However, a healthy correction followed, forming a descending wedge pattern. Such patterns often precede bullish continuations if volume returns and resistance levels break.
Key Fibonacci Levels and Support
The analysis highlights multiple Fibonacci retracement levels. The 0.618 retracement sits at $0.2760, acting as a major support. Further levels include 0.786 at $0.2194 and 1.0 at $0.1473. These zones often act as strong reversal points in crypto markets. Currently, price action is testing this 0.618 level, which could lead to a strong rebound.
Additionally, a green zone highlights a suggested long entry near $0.2398. This area offers significant reward-to-risk potential. Hence, traders might view the current drop as an opportunity rather than a breakdown.
Bullish Targets and Outlook
If PNUT bounces from the current range, Rose forecasts bullish targets of $0.5333, $0.6400, and $0.7315. These levels represent an upside from current prices. However, PNUT must first reclaim the $0.35 resistance to confirm renewed momentum.
Moreover, volume remains relatively low compared to May’s breakout levels. A rise in volume could strengthen any bullish reversal. Consequently, all eyes remain on the $0.2760 support for signs of a reversal.
