Alejandro₿TC, a top analyst shared on X (formerly Twitter) a bullish projection for PNUT’s price as the cryptocurrency gaining traction in the market. He highlighted the potential for PNUT to surge by 2x to 3x in the coming weeks. A corresponding chart analysis reveals a consolidation pattern near pivotal price levels, suggesting a possible breakout scenario.
Peanut Chart Analysis
The PNUT/USDT trading pair has shown a pattern of consolidation following a sharp rally. On the 4-hour chart, PNUT’s price initially experienced a significant upward movement before retracing and entering a period of range-bound trading. This consolidation phase has been characterized by progressively tighter price movements, with the token holding above a key support level.
A critical orange line on the chart marks a support/resistance zone that has been tested multiple times. The token has consistently maintained its position above this level, indicating a potential accumulation phase. The reduced volatility near this area is often viewed as a precursor to a breakout.
Technical Indicators Suggest a Bullish Breakout
The PNUT chart shared by Alejandro also features a projected upward trajectory, pointing to a potential price rally. A black arrow on the chart suggests the token could see a 2-3X gain from its current levels. This outlook aligns with patterns observed during similar consolidation phases in the cryptocurrency market.
The extended consolidation above the support line indicates the possibility of a breakout. Analysts note that such formations often signal that institutional or “smart money” is entering the market before a significant price movement. The tightening range further supports the likelihood of an upward trend.
Moreover, Alejandro₿TC’s tweet reinforced the bullish sentiment around PNUT, stating that the token looks “ready to explode.” He suggested a potential 2-3X increase in the token’s value over the coming weeks, sparking interest among traders. The tweet, coupled with the technical chart analysis, has drawn attention to PNUT as a token to watch.
Potential Risks and Considerations
While the chart suggests an optimistic outlook, analysts caution that the key support line must hold for the bullish scenario to materialize. If the price breaks below this level, the bullish setup could be invalidated, and a downward correction may follow.
Traders are encouraged to monitor PNUT’s price action closely, particularly as it nears the resistance level. Managing risk remains essential in such scenarios, as rapid movements often accompany breakout patterns in the cryptocurrency market.
