PNUT, as one of the top ten meme coins on the market, has attracted a lot of attention recently. Its price has shown some signs of rising, the ADX indicator has begun to rise, and the RSI is approaching the overbought zone, indicating that it may still have room to rise.
If the upward trend continues, PNUT may challenge $1.87 and even have a chance to break through $2.50 to compete with POPCAT for ranking. However, if the upward momentum begins to weaken, PNUT may also face adjustments, and the support level may drop to $0.41.
Currently, the buying pressure on PNUT is gradually increasing.
PNUT's price is moving upwards, and ADX has climbed to 17.5 from below 9 a day ago, which indicates that the strength of the trend is increasing. ADX is an indicator used to measure the strength of the market trend, with a value range from 0 to 100, but it does not indicate the direction of the trend.
Generally speaking, an ADX above 25 indicates a strong trend, while an ADX below 20 indicates a weak trend or no clear trend. The current level of 17.5 indicates that while PNUT’s upward trend is not yet very strong, its upward momentum has begun to build significantly.
The rapid rise in ADX suggests that buying pressure is building, and if this trend continues to strengthen, PNUT’s price could see a stronger rise.
While the ADX has not yet breached the strong trend threshold of 25, its upward trend suggests that PNUT’s price has the potential to continue rising if current conditions persist.
PNUT RSI continues to rise
PNUT’s RSI currently stands at 64.7, a significant improvement from below 50 a day ago, which shows bullish momentum in the market. RSI is a measure of the speed and magnitude of price movements, ranging from 0 to 100.
When the RSI is above 70, it usually means overbought and the possibility of a pullback, while below 30 it indicates oversold and the possibility of a rebound. PNUT's current RSI is close to the overbought zone, which indicates strong buying activity, but there is still room for further gains.
Since November 14, PNUT's RSI has not exceeded 70 and has not yet entered the overbought zone, which indicates that the upward trend may continue for a while until it encounters some resistance. From the historical data, when the RSI is close to 70, it usually means that the price is rising strongly, suggesting that there is still some room for the rise.
If buying pressure persists, PNUT’s price could continue to rise until it enters the overbought zone, providing more opportunities for gains in the near term.
PNUT Price Prediction: Can It Surpass POPCAT?
PNUT is currently the ninth largest meme coin in the market and is showing a clear uptrend. If it can continue to gather momentum and break out of the $1.41 resistance, its price could climb to $1.87.
If this resistance is successfully broken, PNUT may further test $2.21 and potentially touch $2.50 again. This will lay the foundation for PNUT to surpass POPCAT in the meme coin market, after all, the current market value gap between them is about $20 million.
However, if the current upward momentum loses steam, PNUT’s price could face a pullback to test key support levels at $1.04 and $0.74. If these support levels fail to hold, the price could fall further, perhaps to $0.41, marking a more severe correction.
