Why the PNUT Meme Coin Price May Revisit All-Time Low
The price of Solana-based meme coin Peanut the Squirrel (PNUT) has dropped by double digits as the market’s meme coin craze subsides. As of this writing, PNUT is trading at $1.09, having lost 36% of its value in the past seven days.
As bearish pressure builds, PNUT’s price could revisit its all-time low of $0.031. This analysis delves into why.
Squirrel Peanut loses bullish support
An evaluation of the PNUT/USD 12-hour chart confirms The sell-off of meme coins. For example, as of this writing, PNUT’s price is below the red line of its Super Trend indicator, which determines the overall direction and strength of an asset’s price trend.
The indicator appears as a line on the price chart, the color of which changes depending on the direction of the trend: red indicates a downward trend and green indicates an upward trend. When the Supertrend indicator’s red line is above an asset’s price, it indicates a downtrend, indicating that the bearish momentum will continue.
also, PNUT Relative Strength Index Decline (relative strength index) confirmed an increase in sales activity. As of press time, meme coin The RSI is below the 50 neutral line at 45.81.
This indicator measures overbought and oversold market conditions for an asset. It ranges from 0 to 100, with values above 70 indicating that the asset is overbought and in need of a correction. Conversely, values below 30 indicate that the asset is oversold and may be due for a rebound.
PNUT’s RSI is 45.81, indicating a gradual decline in buying activity, indicating the possibility of continued price declines.
PNUT Price Prediction: All-time lows are coming
PNUT is currently trading at $1.09, just above the $0.97 support. As bullish sentiment fades, there is a chance that the memecoin’s price will break out of this support and continue its downward trend.
According to PNUT’s Fibonacci Retracement tool, the next significant support level is $0.55. Failure to hold this level could see the coin revisit its all-time low of $0.03.
However, if market sentiment turns from negative to positive, PNUT meme coin price may rise A drop towards $1.26 invalidates the bearish outlook.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
