Step-By-Step Technical Analysis for PNUT

1. Price Action and Trend Analysis

• PNUT has experienced three major cycles in the past three months. Initially, a strong uptrend peaked in mid-May (reaching intraday highs above $0.47), followed by a sharp retracement to $0.20–0.24 in mid-June, and then a gradual recovery to the current $0.28643. The last week has mostly ranged between $0.27 and $0.31.
• Recent daily candles (from July 14–19) show long wicks and relatively small bodies, suggesting indecision but with buyers absorbing dips and preventing further downside.
• Short-term momentum, viewed on the recent hourly chart, shows a base forming in the $0.27–$0.28 area, with repeated rejections below $0.28 and recoveries above $0.285. This implies accumulation by buyers at support.

2. Moving Averages

• 200DMA (approximate): Sits around $0.27–$0.28 (mid-June base). Price is currently above this region, a bullish signal.
• 50DMA: Currently crossing upwards from $0.26 to $0.285, closely approaching the current price. This golden cross scenario strengthens the bullish case.
• Short EMAs (9-day, 20-day): Both sloping upwards in tandem with price, with the 9-day EMA just under current price ($0.28), signaling strong short-term bullishness.

3. Support and Resistance

• Immediate Support: $0.279–$0.281 (high liquidity zone from both intraday and daily charts; multiple tests).
• Major Support: $0.265–$0.272 (weekly lows; base for recent leg up).
• Nearest Resistance: $0.295–$0.298 (local tops from July 10/16/17), followed by a key resistance at $0.313–$0.315 (upper wick region from July 14).
• Major Resistance: $0.35–$0.37 (prior strong daily resistance); $0.41+ is a distant target.

4. Volume and Volatility Analysis

• Volume has dropped from extreme spikes in the May run-up, but the past week showed an uptick in trading activity, especially during recoveries from $0.28 back towards $0.29, indicating accumulation.
• ATR (Average True Range, not precisely computable here but approximated): Contracting over recent days, pointing to a likely volatility expansion ahead.

5. Momentum Indicators

• RSI (Relative Strength Index, estimated): Oscillated from overbought in mid-May (>70) to oversold (<30) in June. Current reading (July 19, based on price action between consolidation and mild breakout) is likely in the neutral to bullish range (55–60), indicating room for further upside but not yet overbought.
• MACD: Likely on the verge of a bullish crossover; daily price prints higher lows and beginnings of higher highs (bullish divergence after June low).

6. Candlestick and Pattern Recognition

• Last 6–8 daily candles resemble a tightening coil (series of narrower ranges), typically preceding a breakout move.
• Multiple intraday hammers/tails in the $0.27–$0.28 zone show repeated failed attempts to drive price lower, a bullish sign (buyers stepping in to defend).
• Overall, price is forming an ascending triangle pattern, with flat resistance near $0.295 but gradually rising lows.

7. FIB Retracements (from May top to June bottom)

• The major May rally's FIB retracement places the 38.2% mark near $0.285, the 50% near $0.325, and the 61.8% around $0.355. Price currently battles the 38.2% retracement level with repeated successful tests – a break and close above $0.29–$0.295 would almost certainly target the $0.32–$0.33 area next.

8. Market Psychology & Volume Clusters

• Aggressive capitulation in June suggests weak hands were shaken out. Current churn in the $0.28–0.29 range indicates new strong buyers entering.
• Recent lack of major spikes downward, despite lower highs, implies underlying accumulation rather than distribution.

9. Composite Analysis and Prediction

• The combination of a tightening range, absorption of sell pressure at $0.28, bullish momentum cross-signals, a golden cross, and formation of an ascending triangle favor a breakout to the upside.
• Immediate resistance is nearby ($0.295–$0.30). Given the confluence of technicals, a move to this area in the next 12–18 hours, followed by a push towards $0.315–$0.32, is the high-probability scenario. A stop-loss just below $0.2775 minimizes risk while capturing upside.

10. Trade Plan

• Enter (Buy) near $0.284–$0.287 (preferably any retrace to $0.2845–$0.2850).
• Set initial profit target at $0.315 (confluence of resistance and FIB levels).
• Secondary target $0.330 (optional for runners or more aggressive traders, not included in the main close price).

Risk: If breakdown below $0.2785, reassess – would signal failed breakout and bear risk toward $0.265, but probability is lower per current trend.

Conclusion: All technicals statistically support a BUY (long position) with entry near support and targeting the upcoming resistance band on volatility expansion. Market structure and orderflow both support upside over the next 24 hours.