Peanut is a memecoin after the famous squirrel that was euthanized in New York. This created an outrage on the Internet and a new memecoin was born soon after.
Key Support levels: $1.5, $0.86
Key Resistance levels: $1.6, $2.1
1. Strong Rally in Progress
Peanut increased by a mind-blowing 1,800% since its recent lows. This would make any meme coin hunter jealous. Most recently, its price managed to make an all-time high above $1.7. At the time of this post, PNUT is in a pullback, but the overall momentum remains extremely bullish.
Chart by TradingView 2. No Signs of Weakness Yet
While the ongoing rally shows a lot of strength, a quick look at the RSI on the four hour timeframe shows that PNUT may be overbought right now. The RSI is almost at 90 points, which suggests being cautious about buying at these valuations. Ideally, wait for a better entry.
Chart by TradingView 3. Buyers Dominate
The buy volume has exploded since the listing on Binance and is making higher highs. As long as this continues, PNUT has a good chance to go higher, with key targets at $1.6 and $2.1. While this is exciting, remember that this is a memecoin with no actual use case.
Chart by TradingView
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