PNUT surges 8.0% in 24 hours, breaks out of descending wedge pattern

PNUT, a digital asset, has surged by 8.0% in the last 24 hours, reaching a price of $0.2409. This upward movement has brought the asset close to its immediate resistance level of $0.2449, with support firmly holding at $0.2175. The recent price action indicates a breakout from a descending wedge pattern, suggesting a potential retest of key levels between $0.2655 and $0.3951.

PNUT's price has been on an upward trajectory following a period of consolidation between late May and early July. The breakout from the descending wedge pattern signals a shift in trend behavior, with the price action showing a sharp tightening of range in recent weeks. This breakout has sparked renewed interest in the market, placing PNUT within range of its short-term resistance zone and suggesting increased market activity ahead.

Support for PNUT remains strong at $0.2175, a level that has been tested multiple times during the recent consolidation phase. The current structure places the price above this key support while trending toward the next resistance barrier at $0.2449. Several upper resistance levels are now in sight, including $0.2655, $0.3004, and $0.3923. Each of these levels represents previous reaction zones from May’s peak move. The wider upside target on the chart extends to $0.4880 if the momentum continues.

The overall setup for PNUT remains framed between $0.1936 as the lower risk threshold and $0.4880 as the upper limit on the visible range. The triangle breakout pattern has been confirmed with today’s price movement, with volume and volatility building into mid-July. The visible breakout box projects potential price range expansion into the August–September window. The upper boundary of this projection reaches beyond $0.3951, while lower limits still sit above the critical $0.1936 support. As of now, PNUT continues to hold its short-term gains and trades near breakout confirmation levels.