Solana-based memecoin Peanut the Squirrel (PNUT) has lost 36 percent of its value over the past seven days.$PNUT
When the PNUT chart is examined, it is seen that the selling pressure is increasing and the transaction volume is decreasing. The popular memecoin, which made a big splash with Elon Musk's social media posts, has recently attracted attention with its loss of value. Initially experiencing a rapid rise with stock market listings, PNUT lost momentum over time with the decrease in community interest and the depreciation of Bitcoin.
The downtrend in PNUT is also confirmed by the Relative Strength Index (RSI) indicator. At the time of writing, the memecoin’s RSI is at 45.81, below the neutral line of 50. The RSI is an indicator that measures whether an asset is overbought or oversold, and takes values between 0 and 100. Levels above 70 indicate that the asset is overbought, while levels below 30 indicate that it is oversold and may have the potential to rally. An RSI of 45.81 indicates that buying activity is decreasing and the price is in a downtrend.
PNUT is currently trading at $1.09 and continues to trade just above the critical support level of $0.97. With the bull run slowing down, the memecoin’s price could break this support and fall further. According to the Fibonacci indicator, the next significant support level is at $0.55. Weekly closes below $0.55 could generate more sell signals for the pair. It is important for PNUT investors to pay attention to the volatility that may occur during this period.