Date: Mon, Dec 30, 2024, 06:17 AM GMT
Peanut the Squirrel ($PNUT), the meme coin that captivated the crypto community in November, is once again drawing attention. After experiencing a sharp 10% rally, $PNUT seems to be setting the stage for a potential trend reversal, following a correction from its all-time high. The latest whale movements are adding fuel to this growing momentum, suggesting that significant price action could be on the horizon.
Whale Activity and Accumulation
Following a dramatic decline from its peak of $2.50 to its current price of $0.70, whale activity around PNUT has surged. A recent report from Lookonchain highlights a major whale transaction, where 10 million $PNUT (worth approximately $6.1 million, or 1% of the total supply) was withdrawn from Binance just 8 hours ago. This accumulation at current levels is a positive signal for investors, hinting at growing confidence in $PNUTโs potential future rally.
A Breakout in the Making?
The recent surge in price has brought to $PNUT 0.69, just shy of the resistance level formed by a descending triangle pattern on its charts. If the price manages to break above this key resistance at $0.80, it could indicate the start of a bullish reversal, paving the way for further gains. A sustained upward move could target significant resistance levels at $1.58 and, potentially, revisit the previous high of $2.50.
Technical Indicators and Market Outlook
From a technical standpoint,PNUT is showing signs of recovery. The Relative Strength Index (RSI) is currently at 39.18, indicating that the coin is moving away from oversold conditions. A rise above the 40 mark could signal the strengthening of bullish momentum. The MACD indicator also shows diminishing bearish pressure, with the signal line nearing a potential bullish crossover.
As whale activity continues to rise and momentum builds, traders should closely monitor the $0.80 resistance level. A breakout above this price, especially with higher trading volume, could confirm the onset of a new uptrend. However, if the resistance holds, we may see further consolidation or a possible retest of lower support levels near $0.59. Given these dynamics, itโs crucial for traders to approach $PNUT with caution, adhering to sound risk management practices.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions in the cryptocurrency market.
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