- PNUT consolidates above the 0.618 Fib level at $0.2760, with $0.2398 identified as a key long entry zone amid wedge compression.
- Rising wedge structure supports bullish continuation, targeting $0.5333, $0.6400, and $0.7315 if price holds above $0.2194 support.
- Symmetrical wedge allows for accumulation, holding higher low points to a potential breakout if momentum reclaims key levels like $0.3059.
PNUT/USDT is trading inside a rising wedge after rallying sharply from $0.1473 to $0.4842 earlier this month. The pair now hovers above the 0.618 Fibonacci retracement at $0.2760, testing critical structure within a corrective pullback.
Chart Retests Fibonacci Zone with Momentum Contraction
PNUT surged from $0.1473 to $0.4842 before entering a parallel correction. Price now holds near the wedge midline and Fibonacci level at $0.2760. The technical structure supports a continuation setup if the price sustains current support zones and respects wedge boundaries.
Following the breakout, Rose Premium Signals stated, “PNUT is retracing to a healthy buy zone, offering a potential low-risk long setup if support holds.” The analyst identified the current price at $0.3059, positioned just above the 0.618 retracement level measured from the May impulse. The next retracement level, 0.786, sits at $0.2194, forming the lower support within this structure.
The analyst also marked $0.2398 as a key long entry zone, intersecting the wedge’s lower ascending trendline. This level aligns with a prior consolidation region, reinforcing its structural significance. Not only that, the support overlap adds confluence that may attract reactive buying if the price revisits that zone.
Candlestick behavior through mid-May reveals narrowing range action, consistent with wedge compression and momentum buildup. If price maintains above $0.2398 and reclaims $0.3059, the next impulse could target the wedge’s upper resistance. The structure remains symmetrical, preserving higher lows even within the corrective phase.
Upside Targets Hold if Support Remains Intact
If structural support holds, price may advance toward three projected targets at $0.5333, $0.6400, and $0.7315. These levels align with historical reaction zones and wedge extensions.
At this stage of the pattern, the analyst notes that $0.5333 aligns with the midpoint of the last major rally. Meanwhile, $0.6400 connects to the wedge’s upper midline, and $0.7315 marks the projected apex resistance. Each level fits within the rising slope and matches previous breakout behavior.
Could this higher low signal directional strength into July? The apex formation supports a possible timeline for expansion across resistance checkpoints. What’s more, the current wedge symmetry allows for sustained accumulation. As long as PNUT trades above $0.2194 and the diagonal trendline holds, bullish continuation remains structurally valid.
