Peanut the Squirrel has factored in a price increase of 3.91% in the past day.
The memecoin’s daily trading volume has surged by 230.16% as per CMC data.
The crypto market has taken to the road of recovery over the past few days. Its overall market cap shows a modest dip of 1.62% reflecting this recovery. Leading cryptocurrencies are exhibiting struggles to break down their resistance levels. Meanwhile, a few altcoins have also shown similar recovery signs while others have factored in gains.
Notably, the once-acclaimed Peanut the Squirrel (PNUT) is one of the altcoins that have factored in a price increase over the past day. The memecoin has factored in a 3.91% increase rising to the $0.55 from $0.53 levels.
The memecoin also tested the $0.6 resistance before slipping back downwards again. This price surge has caught market attention over the past few days after recent price dips. At the time of writing, PNUT was trading at $0.5515 as per CMC data.
Zooming out onto its weekly chart PNUT has recorded a 23.61% price dip highlighting its loss of market hype in the past few weeks. This dip has caused Peanut the Squirrel to fall from a high of $0.7 to current lows. PNUT was earlier expected to hit the $1 mark before the bears took over.
Will Peanut the Squirrel Overpower the Bears?
On analyzing its past days’ actions and technical indicators PNUT signals a recovery. Its Moving Average Convergence Divergence (MACD) signal line holds above the MACD line despite its recent free fall.
Additionally, its bull power indicator value stands at 0.50 as per TradingView data. While its bear power indicator value stands at -1.49. Although the bears are overpowering, PNUT still holds a window of opportunity.
One particular market analyst has stated that Peanut the Squirrel might be traveling towards momentum in the past day. Emma, (@emmacalls7) stated on CMC that if the memecoin breaks out of $0.6061 it might be expected to stage an upward momentum.
The famed memecoin saw huge investor interest during the beginning weeks of its launch. Notably, it factored in a 3500% surge in recent times setting new records. However, the recent few weeks have been quite a drought for Peanut the Squirrel. Other altcoins such as TON have shown bearish movements in the past day.
Highlighted Crypto News Today:
Why Is Ethereum’s Price Action Stalled Below $3.5K?
