Can a coin be up 45% in a day and still be telling you the trend is down?
That’s the riddle $PNT just handed us — and the chart actually answers it.
The 4-hour picture is where the story lives. Price spiked hard from the low 0.04s to 0.065, then gave almost all of it back within two candles. That’s not momentum — that’s a blow-off. The short moving average is still below the longer one, and RSI is stuck in the low 40s. No real buying pressure behind this bounce. It’s a tired pump, not a fresh start.
Volume profile matters too. The heaviest traded zone sits around 0.05, and price is now trading far below that shelf. That shelf acts like an overhang — a lot of underwater holders watching for a chance to get out.
The 4-hour bias is bearish. The pivot to watch is around 0.035. If $PNT can’t reclaim and hold above roughly 0.037, the path of least resistance points back down toward 0.032. Lose that, and the daily chart suggests room toward 0.030.
The invalidation is clean: a 4-hour close back above the 0.037 zone would mean this bounce has more behind it than the chart currently shows.
My read: this looks like a relief bounce inside a larger downtrend, and the safest take is to respect the overhead supply near 0.05 until proven otherwise.
I’ll keep an eye on whether $PNT can hold the 0.035 pivot — follow along for the update if that shelf starts to bend.
What level are you watching on PNT right now? 👇
⚠️ Not financial advice. DYOR.
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