This article presents an analysis of the current state of the cryptocurrency market, focusing on Bitcoin Cash (BCH), Peanut (PNUT), and Polygon (POL). We will examine their latest price fluctuations, support levels, and recommendations for investors.
Overview of BCH
Bitcoin Cash (BCH) recently rebounded by 7.26% from a support level of $524, closing at $584.7. As of now, it is trading around $585. The rally has low volume, suggesting a normal retest of overhead resistance. A short position may be considered at entry prices between $580 and $590, with profit targets set at $524, $494, and $470. A stop-loss should be placed above the previous high of $608.1.
Overview of PNUT
Peanut (PNUT) has been gradually declining since peaking at $3.405 on July 20, finding support at $0.1878 on September 1, and rebounding back towards the lower edge of a descending wedge. Currently, PNUT is trading around $0.207. As the price approaches the end of the wedge, investors might consider buying for long-term holding or entering a long position. Recommended entry prices are between $0.19 and $0.215, with a take-profit target set at $0.34.
Overview of POL
Polygon (POL) recently broke out of a triangle and formed a flag, indicating potential trend continuation. Following the breakout on August 31, it faced resistance at $0.295, pulled back, and found support again at $0.27. Currently, POL is trading around $0.289. Investors are advised to place buy orders between $0.27 and $0.276 for a long position, with take-profit targets set at $0.295, $0.303, and $0.327.
In the current cryptocurrency market, BCH, PNUT, and POL present different scenarios for traders. Investors are advised to consider support and resistance levels when making buying or selling decisions.
