Solana-based memecoin Peanut the Squirrel (PNUT) has lost 36 percent of its value over the past seven days.
When looking at the PNUT chart, it is observed that sales transactions have increased. The popular memecoin, which exploded with Elon Musk's social media posts, has been drawing attention in recent days. PNUT, which received consecutive stock market listings, experienced sharp increases in the early days. However, the memecoin craze, which later lost strength, and BTC, which started to decline, dealt a blow to Peanut the Squirrel.
Levels to watch out for for PNUT
PNUT’s downward trend is confirmed by the Relative Strength Index (RSI) indicator. As of writing, the memecoin’s RSI value is at 45.81, below the 50 neutral line.
The RSI measures whether an asset is overbought or oversold. It takes values from 0 to 100, with values above 70 indicating that the asset is overbought, while values below 30 indicate that it is oversold and may be experiencing a recovery. An RSI value of 45.81 indicates that buying activity is decreasing and the price is trending down.
PNUT is currently trading at $1.09, just above the critical support level of $0.97. As the bull run slows down, the memecoin’s price could break this support level and fall sharply. According to PNUT’s Fibonacci indicator tool, the next significant support level is at $0.55. Weekly closes below $0.55 will increase bearish signals for the pair. Investors should pay attention to the volatility that may occur during this period.
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