The PNUT Cryptocurrency from the “Peanut the Squirre” project accumulates impressive monthly gains close to 3000%. What is happening?
At the time of writing, PNUT price is trading with daily gains of 3.97% and weekly gains of 1,737%.
This meme cryptocurrency has had a significant rebound due to the Peanut phenomenon, a domestic squirrel that was an Internet phenomenon and was recently euthanized by environmental authorities. The cryptocurrency was born in reference to it and already accumulates 1,760 million dollars in market capitalization.
The price of PNUT grew rapidly from its launch until November 14, when it reached an all-time high of $2.47 (according to CoinMarketCap, PNUT’s rise started from $0.05).
However, the rally began on November 11 after starting to be listed on different renowned exchanges and rising up to 300%. While on November 13 and 14, its value shot up to the all-time high of 2.49 USD.
It should be noted that despite the setback that a correction represents, the levels reached by PNUT are still quite high.
It should also be noted that memecoins are boosted by the current general bullish rally in the crypto market and interventions by important figures such as Elon Musk:
America was saved by a squirrel and a meme coin!
— Elon Musk (@elonmusk) November 13, 2024
“America was saved by a squirrel and a meme coin!”
Analysis of PNUT charts: key levels to consider
The first thing worth highlighting in the analysis of new projects such as PNUT is the complexity of prediction, given the few precedents available.
But we can say that the price of memecoin is in a context of correction, the movements show a fight between bulls and bears to stabilize the price. However, the bearish forces have gained the upper hand so far.
It seems that the price has come out of a consolidation phase in which it sought to establish itself above 1 USD. For now, stabilization above 2 USD has not been possible and the price is moving in a bearish channel for which there is no end in sight.
But, we can notice strong support at USD 1.59, it seems that the price reached a floor quite close to that level. Further down there is support at $1.25 where the bulls would apparently be in control.
Regarding the resistances, we can mention the 1.92 USD, where the price corrected several times, and also the 2.18 USD, which seems to be the border that delimits the range where the bears have control. Finally, the 2.5 USD or the historical maximum so far reached and whose surpassing would mean the return of the bullish trend.
Finally, we can mention the RSI at 43 points, which in this context shows the trend towards neutrality, although in favor of the bears.
Precautions to keep in mind when trading with PNUT
Although in the past we have already seen significant rallies in other memecoins that experienced big gains and quickly became a success (for example, PEPE), traders must protect themselves against possible strong pullbacks.
We must take into account the volatile nature of this type of memecoins, and that their value can disappear in a single session.
Popularity on social networks and the Internet accompanies the success of this cryptocurrency, however, traders must also keep in mind that online fads are temporary.
Do you want to always be updated in the world of cryptocurrencies? Subscribe now to the CriptoTendencia WhatsApp channel! Here you will instantly receive the most relevant information about Bitcoin, Altcoins, DeFi, NFTs, Blockchain and the Metaverse.
Related
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
