Peanut the Squirrel Price Faces Bearish Pressure

The price of Peanut the Squirrel (PNUT) has declined by 19% within the last 24 hours, trading at $1.67 as of 11:15 p.m. EST. This downtrend is accompanied by a 57% drop in trading volume, reaching $3.6 billion.

Current Market Dynamics

Analysis from GeckoTerminal reveals that PNUT recently experienced a sharp uptrend, peaking near $2.5 before consolidating. The initial trend was bullish, supported by a strong price increase and a rising 50-day Simple Moving Average (SMA).

However, a descending channel has now pushed PNUT's price slightly below the 50-day SMA, indicating a potential retracement. PNUT remains above the 200-day SMA ($0.57), suggesting the possibility of continued bullish momentum.

The Relative Strength Index (RSI) currently stands at 45.13, below the 50 midpoint, indicating a cooling of momentum after the recent peak. The RSI range suggests that PNUT is neither overbought nor oversold, with a slight bearish bias. A resurgence in buying interest could be signaled by a trend towards and above 50.

Possible Support and Uptrend

If the current bearish trend continues within the channel, PNUT could decline further, with the next potential support level at $1.0.

Alternatively, a breakout above the descending channel with increased volume could trigger a resumption of the uptrend, potentially retesting the recent high around $2.5.

Disclaimer

The provided information does not constitute financial advice. Please conduct thorough research and consult a financial advisor before making investment decisions.