PNUT Price dropped 30% in just one week. However there are signs that it could recover soon.
Peanut the Squirrel (PNUT), a popular meme coin that once reached a market cap of over $2 billion, has dropped 30% in just one week. It’s now worth $1.36, and many traders are wondering if it can recover. Despite this drop, there are signs that PNUT could bounce back soon. This article looks at the factors affecting PNUT’s future and whether this decline is a good opportunity for investors.
What Caused the 30% Drop in PNUT Price?
The drop in PNUT’s price over the past week is due to several factors, mainly market mood and investor reactions. Meme coins like PNUT are very volatile and can be affected by things like social media trends, market changes, and speculation. When the overall market turns negative, meme coins often face big sell-offs, which is why PNUT’s price fell by 30%.
Even with these price changes, it’s important to remember that PNUT had seen great growth before the drop. At one point it was one of the top meme coins, with a market cap over $2 billion. The recent price drop could just be a correction after rapid growth, but it doesn’t mean PNUT’s future is over.
Key Indicators Point to Potential Recovery
PNUT Price: People who follow the market are worried about PNUT. But some experts think it might get better soon. So, there’s a chance PNUT could surprise everyone and start to recover.
Santiment data shows PNUT’s Weighted Sentiment has dropped to a low of 0.12, showing strong negativity in the market. In the past this kind of extreme pessimism often leads to a “hated rally,” where the price quickly bounces back. This negativity might pave the way for a recovery especially. if positive news shifts the market’s mood.
Another tool is the Relative Strength Index (RSI). It shows how quickly PNUT’s price is changing. When the RSI is low, it suggests the coin might be undervalued. Right now, PNUT’s RSI is low, which could mean it’s a good time to buy. So, there’s a chance PNUT could start to go up in price soon.
At present, PNUT’s RSI is below the 50.00 midpoint, which typically signals a bearish trend. The recent rise in the RSI suggests that buying pressure may be growing, which could push the price higher. If the RSI keeps going up, PNUT could break above its current price of $1.36 and start to rise.
Short-Term Price Outlook: Can PNUT Reach $1.94?
PNUT Price: Despite the current negative sentiment there are signs that PNUT could start to recover soon. Looking at the 1-hour chart, data shows that trading volume is up. Buyers are holding the price at $1.31. If this support continues, PNUT could rise to $1.64 in the next few days. If the recovery strengthens, the price could even reach $1.94, which would be a significant bounce from its recent lows.
PNUT Price: It’s important to remember that market conditions can change fast. If selling pressure increases or the overall market continues to hurt meme coins, PNUT price could drop even more. In the worst case, it could fall to $1.26 before finding new support.
Is It the Right Time to Buy PNUT?
While it’s impossible to predict the exact direction of the market, several indicators suggest that PNUT’s price could stabilize and start recovering soon.
However prospective buyers should exercise caution and consider the high volatility inherent in the meme coin market. PNUT price could go up but it could also go down again. This is especially true if people keep feeling negative about it or if the overall market gets worse. If you’re willing to take risks, buying PNUT now could be a good idea.
In conclusion, although PNUT has dropped 30% in just one week, there are signs that it could recover. The strong negative sentiment might lead to a “hated rally,” which could help the price bounce back soon. Investors looking for opportunities might see buying at these lower prices as a chance for future gains. However caution is still needed because meme coins like PNUT are very volatile. If buying momentum keeps growing PNUT price could rise, making this downturn a potential opportunity for those willing to take the risk.
Also Read: XRP Price Surge to $3? Amid Bullish Sentiment and SEC Challenges!
