tl;dr
Peanut the Squirrel (PNUT), a meme coin with a $2 billion market cap, has seen a 30% price drop to $1.36 in the past week. However, indicators suggest a potential recovery, with extremely low sentiment possibly fueling a "hated rally." The Relative Strength Index (RSI) also hints at momentum turning...
PNUT, the meme coin, experiences a 30% price drop to $1.36 but signals indicate a potential recovery.
Bearish sentiment around PNUT may fuel a bounce, with Weighted Sentiment at a historic low of 0.12.
The Relative Strength Index (RSI) suggests PNUT's value could recover, with a potential rally toward $1.94.
Increased trading volume suggests a potential rally toward $1.64, but selling pressure could drop the value to $1.26.
Peanut the Squirrel (PNUT), a meme coin with a $2 billion market cap, has seen a 30% price drop to $1.36 in the past week. However, indicators suggest a potential recovery, with extremely low sentiment possibly fueling a "hated rally."
The Relative Strength Index (RSI) also hints at momentum turning bullish, potentially leading to a price rise above $1.36. If bullish momentum continues, PNUT's price could rally towards $1.94.
Increased trading volume and defense of the $1.31 price point indicate potential for a short-term rally, but heightened selling pressure could push the price down to $1.26. This information is provided by Santiment and BeInCrypto.
Peanut the Squirrel (PNUT), the meme coin that recently surpassed a $2 billion market cap, has experienced a sharp 30% price drop in the past week, bringing its value down to $1.36. However, emerging signals suggest that PNUT’s recovery might be just around the corner. While some traders may wait for further discounts, this analysis indicates that the opportunity to buy at these lower levels could be closing fast.
BEARISH SENTIMENT AROUND PEANUT THE SQUIRREL COULD FUEL BOUNCE
One key indicator hinting at a potential PNUT recovery is the Weighted Sentiment, which evaluates market perception using social volume.
A positive sentiment typically reflects bullish market commentary, often driving increased demand and price growth. Conversely, negative sentiment signals bearish sentiment across the market. However, extreme readings in Weighted Sentiment can trigger contrarian moves.
For instance, overly bullish sentiment might precede a price correction, while extreme negativity often sets the stage for a rebound.
According to Santiment data, PNUT’s Weighted Sentiment has plunged to a historic low of 0.12. This deeply bearish sentiment suggests market pessimism, but its extremity could fuel what’s known as a “hated rally,” where overwhelming negativity ignites an unexpected recovery.
Further, the Relative Strength Index (RSI) is another indicator suggesting that the Solana meme coin’s value could erase part of its losses.
The RSI is a technical oscillator that uses the speed and size of price changes to measure momentum. When the reading drops, the momentum is bearish. Conversely, if the RSI reading rises, the momentum is bullish.
On the 1-hour chart, even though the indicator is below the 50.00 midpoint, the rating has increased from yesterday. Should this rating continue to surge, then PNUT’s price might rise higher than $1.36.
PNUT PRICE PREDICTION: RALLY TOWARD $1.94 BEGINS
Looking at the same 1-hour timeframe, BeInCrypto observed that the trading volume around PNUT has increased. However, it is important to note that both buyers and sellers are still involved in transacting the token.
Still, it appears that bulls are defending the price at $1.31. If this remains successful, then PNUT’s price could rally toward $1.64 in the short term. In a highly bullish situation, PNUT recovery could see the price climb to $1.94.
On the other hand, if selling pressure increases, this might not happen. Instead, the meme coin’s value could drop to $1.26 in the short term.
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