Peanut The Squirrel (PNUT) price has seen a 284.81% surge over the past day. Alongside this impressive gain, the trading volume for PNUT has also risen by 238.13%, indicating heightened activity and interest among traders.
With a surge in its market cap reaching $130 million, PNUT has seen massive gains, sparking interest across the crypto community. The recent price surge was highlighted by popular analyst Sjuul from AltCryptoGems, who expressed excitement in a tweet, remarking, “LOL, the squirrel is going insane.” This sudden movement in PNUT’s price has led analysts and investors alike to examine what’s driving the token’s rise.
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What you'll learn 👉
Peanut The Squirrel (PNUT) Price Movements and Market Trends
The PNUT chart illustrates a significant upward trajectory, particularly evident in the later stages. Initially, the token experienced a period of low volatility, with prices consolidating at relatively stable levels.
But at mid chart a clear breakout took place which changed the direction of movement. After this breakout, there were consistent sharp upward price movements eventually leading to a rapid increase in the price. This rise has captured investor attention, suggesting that PNUT is experiencing substantial buying interest.
Analyzing Support and Resistance Levels
In terms of support and resistance, the PNUT chart reveals a foundational support level in the early stages, where the price remained stable for an extended period. This stability provided a base for PNUT’s eventual breakout.
The resistance level, observed just before the spike, served as a key barrier. Once breached, this resistance transformed into a new support level, allowing the token to achieve higher valuations. The price increase following this resistance break indicates a strong bullish sentiment and suggests accumulation by investors.
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Furthermore, the PNUT price pattern shares characteristics with bullish formations, such as a potential cup-and-handle or wedge breakout. These formations are often associated with positive price movements and indicate heightened investor confidence.
The initial modest gains reflect tests of upper price levels, which eventually evolved into a sustained breakout. This pattern highlights that PNUT has moved past minor price tests and into a phase of strong upward momentum, overcoming previous selling pressures.
Community Hype and Social Media Influence
Sjuul’s tweet from AltCryptoGems might have played a role in increasing visibility for PNUT’s recent performance. By stating, “Remember where you heard it first!” Sjuul created a sense of early discovery, potentially sparking additional interest among followers.
This type of engagement can contribute to a Fear of Missing Out (FOMO) effect, where social media excitement amplifies buying interest. As more followers become aware of PNUT’s gains, the increased demand further drives the token’s price.
The upward movement of PNUT’s price reflects a combination of technical factors and social media influence. With bullish patterns forming and a support base established, the market is showing a strong response to the excitement around this unique meme coin. As PNUT continues to gain attention, investors are keeping a close eye on its future price trajectory.
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Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
