PNUT Price Nears Oversold Zone After 20% 24-Hour Decline
PNUT price recently surged to $2.28 after listing on major exchanges, having fallen by more than 20% in the past 24 hours. This sharp decline highlights the weakening momentum, as ADX and relative strength index Indicates that the uptrend is fading.
Still, PNUT has the potential for a strong recovery if buyers return. However, if the bearish pressure persists, PNUT could face a major correction, testing key support levels and potentially losing more support.
PNUT’s current uptrend is disappearing
PNUT ADX is currently at 18.76, down significantly from over 50 a few days ago. The continued decline in ADX indicates that the strength of the PNUT uptrend has been steadily weakening.
Although still in an uptrend, the sharp price decline over the past 24 hours highlights the fragility of sustaining upward momentum. The ADX suggests a potential reversal may be coming.
ADX measures the strength of a trend, with values above 25 indicating a strong trend and values below 20 indicating a weak or non-existent trend.
PNUT’s ADX falling below 20 reflects a weakening trend, although the current directional movement still favors the bullish side. If this trend strength continues to worsen, PNUT may struggle to sustain its uptrend. That’s how I left PNUT price A more serious reversal is likely to occur in the short term.
PNUT is about to reach the oversold zone
PNUT The current RSI is 32.6, the lowest level since Binance went public.
The Relative Strength Index (RSI) measures the speed and magnitude of price movements, with values above 70 indicating overbought conditions and values below 30 indicating oversold levels.
The continued decline in PNUT’s RSI over the past few days highlights the weakening momentum, with the asset now approaching oversold levels.
If the RSI falls below 30, it could indicate that PNUT is significantly undervalued in the short term. However, continued bearish sentiment could keep prices under pressure, delaying the recovery.
PNUT Price Forecast: 72% Correction Ahead?
if PNUT price After a reversal and a strong downtrend, a test of the $0.749 support is likely. Failure to hold this level could see the price drop further to $0.41 or even $0.32, which would mark a significant potential correction of up to 72%. This will allow PNUT to be surpassed by other products Meme Coin In terms of market capitalization, examples include MOG, GOAT, and MEW.
Such a scenario would indicate increasing bearish pressure, with traders likely continuing to close positions after the stock price surged following the listing on major exchanges.
On the other hand, if PNUT Uptrend If the price resumes strength, the price may rise to test the $1.87 and $2.21 resistance levels.
A break above these levels could allow PNUT to retest its previous all-time high of $2.50. This would result in a potential upside of 111% and move PNUT into the top 10 same corner in the market.
Disclaimer
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