How can I use Fibonacci retracement in PNUT/USDT trading?

How can I use Fibonacci retracement in PNUT/USDT trading?

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Fibonacci retracement is a technical analysis tool that helps traders identify potential support and resistance levels. By marking key price levels from a recent high to low movement, traders can predict areas where PNUT may reverse or consolidate. The most commonly used Fibonacci levels are 23.6%, 38.2%, 50%, 61.8%, and 78.6%. Applying Fibonacci retracement on PNUT USDT charts helps traders set entry points, stop losses, and profit targets more effectively.