Peanut the Squirrel [PNUT] has broken out of a symmetrical triangle pattern on the 1-hour chart, a signal that usually indicates a continuation of the uptrend. Currently, PNUT is in a crucial retest at the $2.1389 price level.
Retest Phase: Deciding on Uptrend
If PNUT holds this level, it could confirm the breakout and pave the way for a new rally. This retest level is crucial, and if successful, it will attract more buyers, reinforcing the bullish sentiment.
Technical signals support uptrend
MACD:
The MACD line has crossed above the signal line, indicating that the bullish momentum is getting stronger.
RSI:
The RSI is currently at 56.89, indicating that PNUT is still in the safe zone and not overbought.
These technical indicators reinforce the possibility of further upside, especially if buyers respond positively to the retest phase.
Whale Activity: A Big Boost for PNUT
On-chain data from Lookonchain analytics shows strong interest from whale investors:
27 million PNUT tokens are held by the largest whale, worth over $51 million.
This whale made 39 trades, with PNUT standing out as the most successful investment.
The participation of whales not only shows confidence in the potential of PNUT but also brings stability to the token, supporting the price momentum.
Social index: Temporarily decreased but may increase again
According to data from Santiment, PNUT's social dominance has dropped from 1.8% to 1.19%, indicating a temporary decrease in retail investor attention.
However, if the retest phase is successfully confirmed, interest from the community could increase again, boosting social indicators and adding further momentum to the price.
Liquidity: Balance between Long and Short
Data from Coinglass shows a near-perfect balance between Long and Short positions:
$2.95 million in Long position.
$2.78 million in Short positions.
This balance suggests that investors remain cautious. However, if the retest is successful, the liquidation of Short positions could push PNUT's price up sharply.
Conclusion: PNUT is ready for the next rally
With the breakout from the symmetrical triangle pattern, along with positive technical signals and support from whale investors, PNUT is showing strong growth prospects.
Despite the temporary decline in social indicators, balanced technicals and liquidity suggest that PNUT could be poised for a sustained rally if the retest phase holds.
Keep a close eye on the $2.1389 level, as this could be the start of a strong short-term recovery.
