The Peanut the Squirrel price plunged 19% in the last 24 hours to trade at $1.67 as of 11:15 p.m. EST on trading volume that plummeted 57% to $3.6 billion.
Peanut The Squirrel Price Currently Bearish – Aims For A Bullish Trend Reversal
The Peanut the Squirrel price recently experienced a sharp upward movement, peaking near $2.5 before entering a consolidation phase, according to data from GeckoTerminal . The trend was bullish initially, as evidenced by the strong upward price movement and the steep climb of the 50-day Simple Moving Average (SMA).
The falling channel has now driven the price of Peanut the Squirrel to trade slightly below the 50-day SMA, which shows that the asset is on a slight retrace. However, PNUT still trades above the 200-day SMA ($0.57), an indication that the asset may still be on a bullish rally.
Moreover, the Relative Strength Index (RSI) is currently at 45.13, which is below the midpoint (50), indicating that the momentum has cooled off after the recent peak. The RSI being in this range suggests that the asset is neither overbought nor oversold, leaning slightly bearish but potentially stabilizing. If it starts to trend back toward 50 and above, it could signal renewed buying interest.
If the current bearish stance continues along the channel, the Peanut the Squirrel price could plunge, with the next possible support level at $1.0.
PNUTUSD Chart Analysis Source: GeckoTerminal Meanwhile, a breakout above the descending channel or flag with increased volume could trigger a resumption of the uptrend, potentially retesting the recent high around $2.5.
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