PNTUSDT ⚠️✅⚠️ Is Yield Farming Causing This Massive Uptrend!?💬 pNetwork (PNT), like most other DeFi charts, has been moving and looks like it'll keep going. Just take a look at how hard this ran since we suggested it on our watch list at the start of the week by comparing the posted chart to the one below (wow, right?)
That run was nice, but we think it can get nicer. So, let's take a look at some levels for those PNT bulls.
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USDT Support:
S1: The S1 S/R flip and orderblock cluster is the first level of support for PNT. The bull's best bet is to stay above this level.
S2: S2 S/R flip should come into play if S1 can't hold and we get an ABC bearish correction as shown on the chart. A move from S2 to S1 in such a case seems logical. S2 has acted as both support and resistance previously, so it is bound to see a reaction again.
S3: The S3 S/R and orderblock cluster needs to hold if tested. Anything below this puts PNT in bear territory, and the last thing a DeFi coin wants is for the bears to grab hold in the middle of DeFi season thus ending its chance a ta run. With that in mind, there some support at the main price pivot point below to be aware if things do go this direction.
USDT Resistance:
R1: The R1 range at the previous top is the resistance the bulls need to take out. Retesting this level as support before moving to an all-time high is the top priority for PNT bulls.
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BTC:
The hourly BTC levels are simple enough. We have the S1 orderblock and S2 orderblock clusters which the bulls will want to hold, and then we have that same main price pivot point all the way down on top of the June and July highs. If the bulls do need to find support, the support present on the BTC chart should help reinforce the USDT support noted above.
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Summary:
DeFi bulls have another darling to send to new all-time highs. Let's not count this DeFi coin out yet, as this PNT chart still looks good. Remember, the ideal here is staying above S1 and turning R1 into support. Yeah, we have support below, but we want that epic non-stop bull run that makes Reddit threads. So, let's focus on seeing that path play out.
Resources:
news.bitcoin.com
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