PNUT’s 36% Drop Could Send It Back to All-Time Lows — Here’s Why

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As a seasoned analyst with over two decades of experience in the volatile world of cryptocurrencies, I have witnessed numerous bull runs and bear markets that have shaped my perspective on market trends. The recent decline in the price of Peanut the Squirrel (PNUT) has been no exception to my observation.

The current value of the meme coin Peanut the Squirrel (PNUT), built on Solana, has dropped significantly by more than ten percent, as the frenzy surrounding meme coins seems to be subsiding. At this moment, PNUT is trading at $1.09, representing a 36% decrease in its worth over the last week.

As the downward trend gains momentum for PNUT, there’s a possibility that its price could dip back to its record lowest point of $0.031. Let me explain the reasoning behind this prediction.

Peanut the Squirrel Loses Bullish Support

Examining the 12-hour chart for PNUT against USD reveals an increase in selloffs for the meme coin. Currently, the price of PNUT is situated below the red line on its Super Trend indicator, which indicates that the overall direction and strength of the trend in asset prices is bearish.

On the price graph, you’ll see this particular indicator represented as a line; its color shifts depending on market trends – red for a falling trend and green for a rising one. When the red line of the Super Trend indicator sits above the asset’s current price, it’s indicating a downward trend, implying that negative momentum may persist further.

Furthermore, the decrease in PNUT’s Relative Strength Index (RSI) indicates an increase in trading sell-offs. Currently, its RSI stands at 45.81, which is below the neutral level of 50.

This tool gauges whether an asset’s market position is more than its usual buying or selling activity. It scores from 0 to 100, where figures over 70 signal that the asset is being overbought (too much buying) and could soon require adjustment or correction. On the flip side, values under 30 suggest that the asset is undersold (too little selling), implying a potential rebound or increase in demand.

As a researcher, I’ve noticed at the 45,81 levels on PNUT’s Relative Strength Index (RSI), there seems to be a slowing down of purchasing activity. This could suggest a prolonged price decrease may be imminent.

PNUT Price Prediction: All-Time Low on the Horizon

At present, PNUT is being traded at $1.09, slightly above the support point of $0.97. Given that optimistic feelings about the meme coin are diminishing, there’s a risk it could break through this support level and carry on its descent.

Based on the Fibonacci retracement analysis provided by PNUT, the upcoming potential support level for the token stands at approximately $0.55. If this level doesn’t prevent a drop, there’s a possibility that the token could retest its lowest historical price of $0.03 once again.

As a crypto investor, I’ve been keeping an eye on the PNUT meme coin. If the overall market sentiment turns optimistic, there’s a possibility that the price of PNUT could surge towards $1.26, which would challenge the current bearish perspective.

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2024-11-26 14:53