The new Solana-based meme coin, Peanut the Squirrel (PNUT), continued its impressive rally, climbing 128% in the last 24 hours. The PNUT token price reached a new all-time high of $2.49 early Thursday before experiencing a slight pullback. It is now trading at $2.13 amid a notable increase in trading activity.
As this newcomer gains traction and demand increases, the PNUT token appears well-positioned to extend its near-term gains. This analysis explores the factors behind its momentum.
Demand increases for PNUT
The evaluation of BeInCrypto on the PNUT/USD four hourly chart revealed an uptick in altcoin demand. For example, at the time of writing, the meme coin’s price is above the green line of its Super Trend indicator.
The Super Trend indicator identifies the overall direction and strength of an asset price trend. It appears as a line on the price chart, which changes color depending on the direction of the trend: red for a downtrend and green for an uptrend. When the super trend line is above the asset’s price, it signals a downtrend, suggesting that the bearish momentum will continue.
As in the case of the PNUTbuyers are in control when the Super Trend line turns green and appears below an asset’s price. The green line acts as a support floor where the price of an asset can experience increased buying pressure and a rebound after a decline. For PNUT, this amounts to $1.29.
Additionally, the meme coin’s Aroon Up line is 92.86%, confirming this bullish outlook. The Aroon indicator identifies the strength and direction of a trend.
When the ascending line has a reading close to 100%, it suggests that the uptrend is strong. This also indicates that the price of the asset has reached a new high. This is the case of the PNUT token, which reached a new historic time a few hours ago.
PNUT price prediction: it could return to an all-time high
With a strengthening of buying pressure reflected by PNUT Super Trend and Aroon indicatorsTHE coin has the potential to extend his winnings into triple digits. According to its Fibonacci retracement readings, the PNUT token’s next price target is its all-time high of $2.49 if the uptrend continues. Sustained buying pressure could propel it past this peak.
However, if profit-taking begins, the PNUT token price could lose some of its recent gains. In this scenario, the price could drop as low as $1.55. If this level does not hold, additional support lies at the green line of the supertrend indicator at $1.29.
Disclaimer
In accordance with the Trust Project guidelines, 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 do your own research and consult a professional before making any financial decision. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.