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The Peanut the Squirrel price is up over 43% in the last week after a 4% 24-hour pump to trade at $0.2016 as of 10:39 p.m. EST as investors rapidly accumulate the meme coin.
Despite the positive weekly and daily performances, zooming out to the monthly time frame shows that the PNUT price is still down more than 24%.
Peanut The Squirrel Price Forms A Bullish Channel
4-hour chart for PNUT/USD (Source: GeckoTerminal)
The Peanut the Squirrel price has posted a couple of higher highs and higher lows on the 4-hour chart, resulting in the formation of a positive channel, according to data from GeckoTerminal. Should the meme coin continue to trade within this ascending range, it could soon flip the resistance level at $0.2066 into support and rise to as high as $0.2377.
On the other hand, a sudden selloff due to profit-taking or a change in the overall market might lead to the Peanut the Squirrel price falling out below the lower boundary of the ascending price channel. This could then expose the meme coin to the risk of plunging to the immediate support at $0.1754. In an extreme bearish case, PNUT might even plunge to as low as $0.1410.
Sellers Are Slowly Starting To Chip Away At Buyers’ Hold On The Peanut The Squirrel Price
Looking at technical indicators on PNUT’s 4-hour chart, there are warning signs that suggest the Peanut the Squirrel price might pullback soon. More specifically, indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest the Peanut the Squirrel price could undergo a correction soon.
RSI readings have stalled in the low 60s. While the latest value above 50 suggests buyers are currently stronger than sellers, the leveling off of the RSI and the negative slope of the indicator warn that sellers might soon take back control of the Peanut the Squirrel price.
Supporting the warning presented by the RSI on the 4-hour chart is the narrowing gap between the MACD and MACD Signal lines. The former is currently positioned above the latter, which is usually seen as an indication that a crypto is in a positive trend. However, the shrinking margin between the two lines could be followed by a bearish trend reversal in the short term.
As the Peanut the Squirrel price tries to keep its bullish move going, investors are also piling into the presale for a new meme coin rival called Meme Index (MEMEX) for diversified meme coin exposure.
A New, Safer Way To Invest In The Booming Meme Coin Space
The meme coin space has been the best performing sector in the crypto market over the past few months. As the hype around these lighthearted tokens continues to surge, opportunistic developers are deploying new meme coins on a daily basis to try and profit from the investor frenzy. Scammers are also taking advantage and have already launched several rug-pulls.
Meme Index, with its 4 investment baskets, aims to make it easier and safer for investors to gain diversified exposure to the meme coin space. The project’s baskets, Meme Titan, Moonshot, Midcap, and Meme Frenzy each feature different meme coins that are grouped by their perceived level of risk and growth potential.
The safer option is the Meme Titan basket, which features meme coins with the largest market caps, while the highest-risk Meme Frenzy basket features highly-volatile, emerging tokens with much larger growth potential for investors who are willing to take on the risk.
By simply holding the MEMEX token, investors unlock access to these investment baskets. Additionally, token holders are able to participate in the project’s governance to choose which meme coins should be included in each index.
With talks of a 2025 meme coin supercycle making the rounds in the market, Meme Index might be the best play for investors looking to maximize their potential meme coin gains.
Investors Rush To Buy MEMEX At Presale Prices
Meme Index has managed to raise over $3.8 million through its ongoing presale so far, signaling strong investor confidence in the project’s future.
A potential reason behind the buying frenzy at this early stage could be the attractive staking program on offer to presale investors. Anyone who buys and stakes MEMEX during this ICO phase will gain access to a 589% APY.
To unlock these rewards, investors can buy MEMEX through the widget on its website using either ETH, USDT, BNB or bank card. Once purchased, the tokens then need to be locked up via the staking page for investors to start earning.
Currently selling for $0.0165556, MEMEX’s price is scheduled to increase as its presale progresses.
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