Peanut the Squirrel (PNUT) Analysis: Price Surges 3.69% as Volume Hits $1.14B

Peanut the Squirrel (PNUT) has shown a 3.69% price increase over the past 24 hours, bringing its price to $0.555 at press time. 

This surge in value coincides with a massive 24-hour trading volume of $366,952,584, indicating strong market activity. However, the cryptocurrency remains down 24.12% over the past 7 days, reflecting broader volatility.

PNUT has a circulating supply of 1 billion tokens, giving it a market capitalization of $555,991,468. The 24-hour price range for the token has been between $0.5291 and $0.6049, while its 7-day range fluctuated from $0.5261 to $0.7424. 

PNUT’s current price is still 77.2% below its all-time high of $2.44, recorded on November 14, 2024.

Technical Indicators Suggest Mixed Momentum

Technical analysis shows that PNUT is trading below its middle Bollinger Band level of $0.64272, while the bands have contracted, indicating lower volatility. 

The upper band is currently at $0.78590, and the lower band at $0.49955, signaling that PNUT may stay within this price range unless strong momentum develops.

The Relative Strength Index (RSI) is at 37.83, suggesting weak momentum and placing the token near oversold territory. Analysts believe this level may reflect bearish control, though a price rebound could occur if the RSI approaches 30. 

Meanwhile, the Average Directional Index (ADX) stands at 18.76, indicating weak trend strength and little directional momentum.

Resistance and Support Levels Key to Short-Term Price Movement

According to market analysts, PNUT is approaching critical resistance levels. Immediate resistance is identified at $0.6000, followed by a second resistance level at $0.6200, which could lead to an upward movement toward an extended target of $0.6500. 

Analyst Amina Chattha noted, 

“A breakout above $0.6000 could signal further gains, with the potential to target $0.6500.”

Support is currently seen at $0.5600, a level the token needs to maintain to sustain upward momentum. If the price falls below this level, a pullback toward $0.5400 could occur. 

Traders are advised to monitor volume and momentum for any confirmation of movement in either direction.

Open Interest and Volume Indicate Growing Trader Engagement

Futures data from Coinglass shows Open Interest (OI) has increased by 15.34%, rising to $199.10M, suggesting growing participation in PNUT futures trading. This rise in OI reflects heightened activity and increased trader confidence. 

However, current OI remains far below November highs of over $500M, indicating room for growth.

The 24-hour trading volume for PNUT surged by +295.31%, reaching $1.14 billion. This sharp increase in volume may suggest heightened speculative interest in the token as traders closely watch key price levels and market dynamics.

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