The price of the Solana-based meme coin, Peanut the Squirrel (PNUT), has declined by double digits as the market’s meme coin mania fades. PNUT is trading at $1.09 as of this writing, losing 36% of its value over the past seven days.
With bearish pressure building, PNUT price may return to its all-time low of $0.031. This analysis delves deeper into why.
Peanut the Squirrel Loses Bullish Support
An assessment of the PNUT/USD 12-hour chart confirms the rise of meme coin sales. For example, at the time of writing, PNUT price is below the red line of its Super Trend indicator, which identifies the general direction and strength of an asset price trend.
This indicator appears as a line on the price chart, the colors of which change depending on the direction of the trend: red for a downtrend and green for an uptrend. When the red line of the Super Trend indicator is above the asset’s price, it signals a downtrend, suggesting that the bearish momentum will continue.
In addition, PNUT’s declining relative strength index (ROI) confirms the resumption of commercial activity. At the time of going to press, the room itself The RSI is below the neutral line 50 at 45.81.
This indicator measures the overbought and oversold market conditions of an asset. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and needs to be corrected. Conversely, values below 30 indicate that the asset is oversold and could experience a rebound.
At 45.81, PNUT’s RSI signals the gradual decline in buying activity, indicating the potential for a sustained price decline.
PNUT Price Prediction: All-Time Low on the Horizon
PNUT is currently trading at $1.09, just above the $0.97 support level. With the bullish sentiment fading, the price of the coin itself risks breaking this support and continuing its downward trajectory.
According to PNUT’s Fibonacci retracement tool, the next significant support level lies at $0.55. If this level fails to hold, the token could potentially return to its all-time low of $0.03.
However, if market sentiment changes from negative to positive, the price of the PNUT meme coin could rise towards $1.26, invalidating the bearish outlook.
Disclaimer
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