Peanut The Squirrel Price Prediction: PNUT Plummets 8%

The Peanut The Squirrel price slumped 8% in the last 24 hours to trade at $0.04952 as of 3.50 a.m. EST on trading volume that plummeted 50% to $77.43 million.

The project was inspired by a beloved pet that became an internet sensation after being seized and euthanized by New York State’s Department of Environmental Control. The popular squirrel already had more than 500,000 followers on Instagram, a figure that has skyrocketed to 751k since the incident.

Both Peanut and Fred the raccoon were seized after multiple anonymous complaints. The DEC also claimed that Peanut bit an investigator on the hand while being confiscated from his home.

Internet communities rallied behind the squirrel, and before long a meme coin project commemorating his struggle emerged. So far, the PNUT token has seen quite a volatile price following its launch. The question now is where is the price going from here?

Peanut The Squirrel Price Prediction

While the PNUT price is moving up and down rather quickly, and is far from being stable right now, there are still ways to predict what is likely to happen next to the project. Granted, the fact that it is so young means that there is no historical data that could show how it behaves in certain situations, but certain technical indicators can still help with short-term predictions.

For example, the project’s Bollinger bands are still extremely wide right now, with the lower one being at $0.0343 and the upper one at $0.05501. Meanwhile, the token’s price is currently recovering toward the upper band after being rejected in the past several hours, showing that the traders are getting bullish again, despite the fact that the project is still trading in the red.

Then, there is PNUT’s Relative Strength Index (RSI) value, which has been fluctuating between the neutral area and the overbought zone in the last 12 hours or so, dropping below the value of 50 only once during this time.

At the time of writing, the RSI sits at the value of 60, where it found stability over the last few hours. Its behavior in the last 24 hours shows that there is plenty of optimism surrounding the new token, but also that many are just waiting for an opportunity to take profit as soon as the buyers pump its price up.

This is likely to continue, especially since the token’s price is struggling against the resistance at $0.050, which has rejected it multiple times in the last 24 hours, typically sending it back to the value of $0.030.

In other words, the volatility is expected to continue, especially as the support for the squirrel continues to grow, and at the same time, the crypto market seems to be entering a new bullish phase.