How PNUT, GOAT, BONK Fared
In its weekly analysis of memecoins, BeInCrypto observed mixed results for these tokens. While some coins saw gains, others faced significant losses.
Peanut the Squirrel (PNUT) and AI-created Goatseus Maximus (GOAT) were among the week’s underperformers, with both seeing significant price drops. In contrast, Bonk (BONK) defied market trends and secured its place as one of the best-performing cryptocurrencies. Here’s a detailed recap of this week’s developments.
Squirrel Peanut (PNUT)
At the beginning of this week, PNUT was trading at $1.94. However, the meme coin’s value has since fallen by 33%. this significant decrease It could be attributed to selling pressure from those who held the coin until it reached its all-time high.
The current price of PNUT is $1.17. However, the one-hour chart shows the Relative Strength Index (relative strength index) has dropped to 31.66. When the RSI climbs to 70.00, it means the asset is overbought.
On the other hand, if it is below 30.00, it means it is oversold. So, while the RSI reading indicates bearish momentum, it suggests that PNUT is oversold.
As a result, memecoin prices may rebound. If confirmed, PNUT’s price could rebound to $1.40. in a Highly bullish casethe meme coin may rise to $1.72. However, if selling pressure increases again, the price could drop below $1.15 when we publish our next memecoin weekly update.
GOAT
Similar to PNUT, another meme coin, GOAT, also suffered a sharp decline this week, with its price falling by 22%.
The price of GOAT has dropped to $0.87, possibly due to waning interest in the artificial intelligence-themed meme coin. this Shift the narrative The situation in the memecoin market suggests that some traders may be moving away from the artificial intelligence craze and looking for opportunities elsewhere.
The 4-hour chart of GOAT shows a head and shoulders pattern, a classic bullish to bearish reversal indicator, adding to the bearish sentiment. This formation shows same corner May face further downside.
If this pattern occurs, coupled with a negative Moving Average Convergence Divergence (MACD), The price of GOAT may drop to $0.66. However, a surge in buying pressure may invalidate this bias. If this happens, its value could jump to $1.37.
Bunker (Bonker)
Contrary to the performance of GOAT and PNUT, Bonk’s price increased by 28%. This price increase is because the project disclosed that it will Burn 1 Trillion Tokens No later than December 25th.
As a result, the revelation caused jubilation all around Solana meme coin community, driving demand and a higher value for the token. However, BONK faces resistance at $0.000050, which makes it difficult for the cryptocurrency to rise further.
Nonetheless, Bull Bear Power (BBP) suggests that bears still don’t have control. if it continues BONK’s price likely direction $0.000060.
On the other hand, if the bears take over the dominance of the bulls, this might not happen as the next memecoin weekly analysis could see it drop to $0.000043.
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.
