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The price of PNUT is in a downward trend. It faces a key resistance at $0.66, and a support near $0.55.
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Technical indicators show a bearish control with EMAs sloping down and RSI at neutral levels.
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PNUT’s community-driven appeal, and the fact that there are no transaction taxes, continue to drive interest in the market despite recent declines.
Peanut the Squirrel, a cryptocurrency based on the Solana platform and inspired by memes, is notable for its playful branding. The token, despite its memorable name, has been in a downward trend. Technical analysis suggests that PNUT is close to finding a support which could help the token bounce back.
Where is the price headed?
The daily chart of PNUT/USDT reveals a clear downtrend, marked by lower highs and lows. The price is below important resistance levels. The key resistance level is 1.58 USDT and the key support level is near 0.55USDT.
The 1.58 USDT level has consistently acted a major barrier. The price is also facing rejections at intermediate 0.79 USDT levels and 0.66 USDT levels, signaling a strong selling pressure. The 0.55 USDT area has been a key support zone, indicating the potential for a recovery if buyers regain momentum.
Technical Analysis
On the 4-hour chart PNUT’s prices show a bearish sentiment. Lower highs and failed break out attempts near the 0.79 USDT level of resistance highlight the struggle to regain an upward momentum. The 30-minute chart reinforces this trend, with key indicators signaling a continued pressure.
All of the major exponential moving (EMA) averages — the 20, 50 and 100 EMAs — point down, which indicates a bearish control.
The Moving Average Convergence Divergence indicator (MACD) is negative. The Relative Strength Index is at 45.72. This means that it could still fall. The RSI is nearing oversold levels which could lead to a short-term rebound.
What Could Happen Next
Analysts say that even though the short-term trend may be bearish, things could change. A bullish breakout over 0.79 USDT may push PNUT towards higher targets, such as 0.91 USDT.
If the price falls below 0.55 USDT (the critical support level), the bearish trend could intensify and drive the price lower to test the next level of support at 0.50USDT.
$PNUT Price Dynamics (December 2024 to January 2025). Source: TradingView.
Community Sentiment & Unique Features
PNUT has a strong community engagement, no transaction taxes, and a burned liquidity pool. PNUT has long-term potential, even though it is in a bearish phase. Its presales brought it over $43 millions.
PNUT’s indicators suggest caution on the short-term. But the community, and its unique branding in the Solana Blockchain may help it recover. Investors should monitor key support levels, and wait for clear breakouts before buying.
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