The PNUT price is attracting attention as one of the top 10 meme coins in the market. The token has shown signs of bullishness, with ADX rising and RSI nearing overbought levels, indicating potential for continued growth.
If the strong upward trend continues, PNUT could test $1.87 and even $2.50, challenging POPCAT's position in the rankings. However, losing momentum could lead PNUT to face a significant correction, testing support levels down to $0.41.
Buying pressure for PNUT is increasing.
The current PNUT price is on an upward trend, with its ADX increasing to 17.5 from below 9 just a day ago, signaling improving trend strength. ADX, or Average Directional Index, measures the strength of a trend on a scale from 0 to 100, without indicating its direction.
Values above 25 indicate a strong trend, while values below 20 indicate a weak trend or no trend. The current ADX level reflects that while PNUT's upward trend is not yet strong, the significant increase suggests momentum is building.
PNUT ADX. Source: TradingView
The rapid increase in ADX suggests that buying pressure may be increasing, creating potential for a stronger upward trend if the trend gains further traction.
Although still below the 25 threshold, marking a strong trend, this upward change in ADX emphasizes the potential for continued price increases if current conditions persist.
PNUT RSI continues to rise.
The RSI index for PNUT is currently at 64.7, significantly up from below 50 just a day ago, indicating strong upward momentum. RSI, or Relative Strength Index, measures the speed and change of price movements on a scale from 0 to 100.
Values above 70 indicate overbought conditions and potential for a pullback, while values below 30 indicate oversold conditions, often signaling a possible recovery. With the current level approaching the overbought region, PNUT reflects strong buying activity but still has room for further growth.
PNUT RSI. Source: TradingView
Since the PNUT price has not entered the overbought territory above 70 since November 14, its current RSI suggests that the upward trend may continue before hitting resistance. Historically, RSI levels near 70 coincide with periods of strong price increases, leaving room for further upward movement.
If buying pressure continues, the PNUT price could extend its upward momentum further before reaching the overbought territory, providing more upside opportunities in the short term.
PNUT price prediction: Could it surpass POPCAT in market capitalization?
PNUT, currently the 9th largest meme coin in the market, is showing signs of a strong upward trend. If it gains momentum and surpasses the resistance level of $1.41, it could climb to $1.87.
A successful push beyond that level could see the PNUT price testing $2.21 and potentially reaching $2.50 again, placing it in a strong position to surpass POPCAT in the meme coin rankings, as their current difference is around $20 million.
PNUT price analysis. Source: TradingView
However, if the current upward trend loses momentum, a reversal could see the PNUT price testing key support levels at $1.04 and $0.74. If those supports do not hold, the price could drop further to $0.41, marking a significant correction.