Why PNUT Recovery Could Happen Soon After 30% Fall?
Peanut the Squirrel (PNUT), the meme token that recently topped $2 billion in market capitalization, has seen a massive 30% price drop over the past week, with its value falling to $1.36. However, emerging signals suggest that PNUT’s recovery may be around the corner.
While some traders may be waiting for further discounts, this analysis suggests that the opportunity to buy at lower levels may soon end.
Bearish sentiment surrounding Squirrel Peanuts could fuel rebound
A key indicator suggests Potential PNUT recovery is weighted sentiment, which uses social volume to assess market perception. Positive sentiment typically reflects bullish market commentary, often driving increased demand and higher prices. Conversely, negative sentiment signals bearish sentiment across the market.
However, extreme readings on weighted sentiment can trigger counter-trend moves. For example, excessive bullishness may precede price correctionand extreme negative sentiment often lays the foundation for a rebound.
According to Santiment data, PNUT’s weighted sentiment has fallen to an all-time low of 0.12. This extreme pessimism signals market pessimism, but its extremes could fuel what’s known as a “nasty rally,” where overwhelming negative sentiment triggers an unexpected recovery.
Additionally, the Relative Strength Index (relative strength index) is another indicator that Solana meme coin Value can erase some of its losses. The RSI is a technical oscillator that uses the speed and scale of price changes to measure momentum.
When the reading drops, the momentum is bearish. On the contrary, if the RSI reading is rising, the momentum is bullish.
On the 1-hour chart, the rating has improved from yesterday, although the indicator is trading below the 50.00 midpoint. If this rating continues to soar, then The price of PNUT may increase That’s up from $1.36.
PNUT Price Forecast: Starting to rise towards $1.94
Looking at the same 1-hour timeframe, BeInCrypto observed an increase in trading volume around PNUT. However, it is worth noting that buyers and sellers are still involved in trading tokens.
Nonetheless, bulls appear to be defending the $1.31 price. If this still succeeds then The price of PNUT may increase It will rise to $1.64 in the short term. In a highly bullish scenario, a PNUT recovery could lead to a climb to $1.94.
On the other hand, this may not happen if selling pressure increases. on the contrary, Meme Coin The value could fall to $1.26 in the short term.
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.
