Sharp Drop: PNUT Price Down 20% in 24 Hours, Weakening ADX Loses Bullish Power
The PNUT price has seen a significant pullback, dropping more than 20% in the last 24 hours. This decline, along with indicators such as the ADX and RSI, suggests that the strength of the uptrend is weakening. This loss of momentum suggests that further selling pressure may be on the rise.
Oversold Conditions Imminent: RSI at 32.6, PNUT Approaching Oversold Territory
PNUT’s RSI is currently at 32.6, which suggests that the asset is approaching oversold territory. If the RSI drops below 30, it typically signals that an asset is oversold and is ripe for a potential recovery. However, if the current downtrend continues, the recovery could be delayed.
Critical Levels: PNUT Could Fall 72% If Bearish Pressure Continues, Gain 111% If It Tests $2.50 Resistance
The PNUT price quickly dropped by 20% after reaching a high of $2.28. If the bearish pressure continues, the price is likely to drop to $0.32, which would indicate a loss of up to 72%. However, if the price tests the $2.50 resistance level, a 111% increase is possible, which could send PNUT into a significant rally.
PNUT Rise Fades
PNUT is currently trading at an ADX of 18.76, well below its previous high of over 50 a few days ago. This continued decline in ADX suggests that the strength of PNUT’s uptrend is waning. While the uptrend continues, the sharp decline over the past 24 hours suggests that this trend is becoming fragile.
Oversold Condition: RSI at 32.6
PNUT’s RSI is at 32.6, marking its lowest level since it was listed on Binance. A drop below 30 suggests that the asset is oversold and could potentially see a near-term recovery.
PNUT Price Prediction: 72% Down or 111% Up
If PNUT enters a downtrend, the support level at $0.749 could be broken and the price could drop to $0.41 or even $0.32, indicating a loss of up to 72%. On the other hand, if the uptrend regains strength, the price could rise to $1.87 and $2.21. If these levels are broken, PNUT could test its all-time high of $2.50, indicating a 111% increase. This could keep PNUT in a prominent position in the meme coin market.
