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The Peanut the Squirrel price pumped 77% in the last 24 hours to trade at $0.28394 as of 4:25 a.m. EST on trading volume that jumped 592% to $625 million.
Peanut The Squirrel Price Poised For A Bullish Trend Continuation
The PNUT price on the daily chart reflects a decisive breakout from a long-term descending wedge pattern, which is a bullish reversal formation.
This pattern, outlined by the labeled A-B-C-D sequence and converging trendlines, has been forming since late January and has recently culminated in a sharp price surge. The breakout occurred with significant bullish momentum, lifting the Peanut the Squirrel price from a recent low around $0.215 to its current level at approximately $0.284.
The breakout was supported by PNUT’s move above both the 50-day Simple Moving Average (SMA), a strong technical signal that the downtrend may be reversing into a new bullish phase. The 50-day SMA is now acting as a dynamic support level near $0.164, indicating a solid base for price continuation if the breakout holds.
Meanwhile, the Relative Strength Index (RSI) is currently at 77.02, placing it firmly in the overbought territory. While this suggests that the asset may face short-term selling pressure or consolidation, it also confirms strong bullish momentum, especially in the context of a wedge breakout.
The Moving Average Convergence Divergence (MACD) is also giving bullish signals. The MACD line (blue) has crossed above both the signal line (orange) and the zero line, indicating a shift from bearish to bullish momentum.
PNUT/USDT Chart Analysis (Tradingview)
PNUT Price Hints At A 99% Surge
Fibonacci retracement levels drawn from the previous high to the recent low suggest the immediate target appears to be around the 0.786 level at $0.57195, with further targets near $0.99685 (0.618 retracement) and $1.29530 (0.5 retracement) if the bullish trend continues.
If the breakout sustains, the price is likely to test the 0.786 Fibonacci level at $0.57195 in the near to mid-term, representing a 99% gain from current levels.
However, due to the overbought RSI, a short-term pullback or sideways consolidation may occur before continuation, with the $0.1198 level acting as a stable support within the lower boundary of the wedge.
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