[PNUT plunges 30%, Shiba Inu (SHIB) drops 4.6% in 7 days]
Meme coins Shiba Inu (SHIB) and PNUT (Peanut the Squirrel) have experienced significant declines during the recent crypto market bull run, but analysts believe this could be a sign of a new rally.
PNUT's market capitalization topped $2 billion, but the price fell 30% last week and is now trading at $1.36. Market sentiment is currently negative, with weighted sentiment indicators suggesting a possible "aversion rally." The relative strength index (RSI) suggests momentum may be turning to the upside, and a break above $1.36 could recoup some of the losses.
Shiba Inu, the second-largest meme coin, fell 5.1% last week and is currently trading at $0.00002392, down more than 70% from its all-time high. However, SHIB has gained 30% in the past month, with a market capitalization of $14.31 billion and trading volume of $1.11 billion. Its RSI is at 59.43, showing that bulls are still in control, but support may form at $0.000022.
The two major meme coins may have rebound potential after their recent sluggish performance, but changes in market sentiment and trading volume will still need to be observed to break through key resistance levels.