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, signals suggest a potential recovery. The Weighted Sentiment has hit a historic low of 0.12, indicating extreme bearish sentiment, possibly fueling a "hated rally." The...
PNUT, the meme coin, experiences a 30% price drop to $1.36, but signals suggest a potential recovery
Bearish sentiment around PNUT could fuel a bounce, with indicators pointing to a possible rally
The Weighted Sentiment and Relative Strength Index indicate potential for PNUT's value to rise to $1.94
Increased trading volume around PNUT could lead to a rally, but selling pressure may cause a drop 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, signals suggest a potential recovery. The Weighted Sentiment has hit a historic low of 0.12, indicating extreme bearish sentiment, possibly fueling a "hated rally." The Relative Strength Index (RSI) shows potential for price recovery. If the momentum continues, PNUT's price could rise higher. Analysts predict a rally toward $1.94, with potential short-term drops to $1.26 if selling pressure increases. Trading volume has increased, with potential for a rally if bulls defend the price at $1.31.
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. Sponsored Sponsored 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. PNUT sentiment Peanut the Squirrel Weighted Sentiment. Source: Santiment 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 momentum Peanut the Squirrel RSI. Source: TradingView 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. PNUT price analysis Peanut the Squirrel 1-Hour Analysis. Source: TradingView 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. Best crypto platforms in Europe | November 2024 YouHodler YouHodler Explore Bitpanda Bitpanda Explore Coinbase Coinbase Explore BYDFi BYDFi Explore Margex Margex Explore Best crypto platforms in Europe | November 2024 YouHodler YouHodler Explore Bitpanda Bitpanda Explore Coinbase Coinbase Explore BYDFi BYDFi Explore Margex Margex Explore Best crypto platforms in Europe | November 2024 YouHodler YouHodler * Bitpanda Bitpanda * Coinbase Coinbase * BYDFi BYDFi * Margex Margex *