- PNUT’s price shows a bearish trend, facing key resistance at $0.66 and support near $0.55.
- Technical indicators highlight bearish control, with EMAs sloping downward and RSI near neutral levels.
- PNUT’s community-driven appeal and zero transaction taxes continue to drive market interest despite recent declines.
Peanut the Squirrel (PNUT), a meme-inspired Solana-based cryptocurrency, stands out for its playful branding and community-driven model. But even with a memorable name, the token has been on a downtrend. However, technical analysis shows that PNUT could be close to finding support, which could help it bounce back.
Where’s the Price Headed?
The daily chart for PNUT/USDT shows the clear downtrend, characterized by consistent lower highs and lower lows. The price is below key resistance levels, with the key resistance at 1.58 USDT, and a key support level near 0.55 USDT.
The 1.58 USDT mark has consistently acted as a major barrier, with the price facing rejections at intermediate levels of 0.79 USDT and 0.66 USDT, signaling strong selling pressure. On the support side, the 0.55 USDT zone has served as a key defense point, suggesting the potential for…
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