Peanut Price Eyes Potential Rebound as Key Support Holds Following Parabolic Surge

The PNUT/USD pair, on a 30-minute timeframe, initially consolidated at lower levels before breaking out into a sharp parabolic rise, reaching a high of $0.0365.

The Peanut (PNUT) price soared over 2,585% in the last 24 hours to trade at $0.01495 as of 8:30 p.m. EST on a 3,403% pump in trading volume to $6.1 million.

The PNUT token was created in memory of Peanut, an orphaned squirrel and social media sensation with tens of thousands of followers, who was euthanized by New York authorities after being seized during a raid from on the home of his caretaker, Mark Longo.

Fred the raccoon was seized during the raid as well and also euthanized. PNUT, who had lived with Longo for seven years, became beloved online for his playful antics, often seen munching on waffles while wearing crocheted bunny ears or a miniature cowboy hat.

The tragic murder of PNUT and FRED by New York State is a symptom of the unconsciousness that pervades government agencies. This must change. Support 🐿️ and 🦝 by putting the 🦺 in your profile and standing up for pets and people worldwide. pic.twitter.com/DjaZF8AK5u

— Kyle Kemper (@kylekemper) November 2, 2024

The New York Department of Environmental Conservation (DEC) removed Peanut and Fred, citing concerns about people being exposed to rabies. Longo, who rescued Peanut in New York City, expressed deep sorrow and shock on Instagram over the DEC’s decision.

The government should not be allowed to barge into your house and kill your pet! That’s messed up.

Even if it is illegal to have a pet squirrel (which it shouldn’t be), why kill PNut instead of simply releasing him into the forest!? https://t.co/2m9Gi5QpUT

— Elon Musk (@elonmusk) November 3, 2024

Billionaire Elon Musk joined thousands who bemoaned the killing online, calling the Joe Biden administration a ”mindless and heartless killing machine.”

The government is a mindless and heartless killing machine

— Elon Musk (@elonmusk) November 2, 204

“The government shouldn’t have the right to enter your home and kill your pet! That’s outrageous,” Musk added. “Even if owning a pet squirrel is illegal (which it shouldn’t be), why not release Peanut into the forest instead of killing him?”

Peanut Price Eyes Potential Rebound as Key Support Holds Following Parabolic Surge

The PNUT/USD pair, on a 30-minute timeframe, initially consolidated at lower levels before breaking out into a sharp parabolic rise, reaching a high of $0.0365. This rapid upward movement suggests strong buying pressure and an accumulation phase, which often precedes a breakout.

According to GeckoTerminal data, after hitting this high, however, the price pulled back and established support around $0.01629, marking a potential base for a rebound.

A possible uptrend indicates that further gains could follow if the price holds above the $0.01629 support level. This support is critical as it may attract buyers expecting a reversal, creating momentum for a renewed rally.

PNUTUSD Analysis. Source: Dextools.io

The simple moving averages (SMAs) add context to the current trend. The 50-period SMA is at $0.00526710, and the 200-period SMA is at $0.00161780, both well below the current price level. This significant distance between the price and these SMAs reflects strong upward momentum.

Peanut Price Indicators Signal More Uptrend

The MACD (Moving Average Convergence Divergence) indicator recently experienced a bearish crossover, with the MACD line at 0.00413273 and the signal line at 0.00428569. Additionally, the histogram turned negative at -0.00015296, indicating a decrease in bullish momentum. If the MACD turns upward and produces a bullish crossover, it could signify the return of buying strength for the Peanut price.

The RSI (Relative Strength Index) sits at 56.93, which indicates neutral-to-slightly bullish momentum. It previously reached overbought levels, likely at the top of the parabolic rise, before easing down to its current level.

If the price stays above the $0.01629 support level, the uptrend could resume. A break below this level, however, might signal a more extensive correction before any future upward movement.

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