The price of Solana-based meme coin Peanut the Squirrel (PNUT) has declined by double digits as the market’s meme coin mania wears off. PNUT trades at $1.09 as of this writing, shedding 36% of its value in the past seven days.
With strengthening bearish pressure, PNUT’s price may revisit its all-time low of $0.031. This analysis delves into why.
Peanut the Squirrel Loses Bullish Support
An assessment of the PNUT/USD 12-hour chart confirms the uptick in the meme coin’s selloffs. For example, as of this writing, PNUT’s price rests below the red line of its Super Trend indicator, which identifies the overall direction and strength of a trend in asset prices.
This indicator appears as a line on the price chart, with its colors changing based on the trend direction: red for a downtrend and green for an uptrend. When the red line of the Super Trend indicator is above the asset’s price, it signals a downtrend, suggesting that bearish momentum will continue.
Additionally, PNUT’s declining Relative Strength Index (RSI) confirms the uptick in selling activity. At press time, the meme coin’s RSI is below the 50-neutral line at 45.81.
This indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and due for a correction. Conversely, values under 30 indicate that the asset is oversold and may experience a rebound.
At 45,81, PNUT’s RSI signals the gradual decline in buying activity, indicating the potential for a sustained price drop.
PNUT Price Prediction: All-Time Low on the Horizon
PNUT currently trades at $1.09, just above the support level of $0.97. With bullish sentiment fading, the meme coin’s price risks breaching this support and continuing its downward trajectory.
According to PNUT’s Fibonacci retracement tool, the next significant support level is at $0.55. If this level fails to hold, the token could potentially revisit its all-time low of $0.03.
However, if market sentiment shifts from negative to positive, the PNUT meme coin price could climb toward $1.26, invalidating the bearish outlook.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Source link
Abiodun Oladokun
https://beincrypto.com/pnut-may-drop-to-all-time-low/
2024-11-26 11:30:00
