Peanut The Squirrel (PNUT) Price Plummets 17% as Traders Dump Their Holdings

The Peanut The Squirrel price plummeted over 17% in the last 24 hours to trade at $1.33 as of 11:19 p.m. EST as traders dump their holdings in the meme coin on the market.

The Peanut The Squirrel price nosedived over 17% in the last 24 hours to trade at $1.33 as of 11:19 p.m. EST as traders dump their holdings in the meme coin on the market.

With this latest drop, the PNUT price has shoved its weekly performance deeper into the red zone. The meme coin is subsequently down more than 33% on the longer-term time frame.

Peanut The Squirrel Price Clinging To A Key Support

4-hour chart for PNUT/USD (Source: GeckoTerminal)

The Peanut The Squirrel price is testing the key support at $1.2697, according to data from GeckoTerminal. Dropping below this technical safety net in the coming 12 hours could lead to a plunge to the subsequent mark all the way down at $0.8822. However, PNUT closing the next 2 4-hour candles above $1.2697 might invalidate the bearish thesis.

In a more bullish scenario, the Peanut The Squirrel price might rebound from the current support and attempt a challenge at the $1.6417 resistance level. If the meme coin manages to break above this obstacle, it could then clear the space needed  to rise to $1.9827 in the short term.

Technicals Warn The Peanut The Squirrel Price Might Drop Some More

Technical indicators on PNUT’s 4-hour chart warn that bears still have control of the Peanut The Squirrel price, which might lead to a continued drop in the price of the meme coin. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flashing bearish.

In the last few hours, RSI readings have plummeted from the mid 50s to the mid 30s. Decreasing RSI values are often seen as an indication of dwindling buying power. What’s more, the latest reading above 30 suggests the Peanut The Squirrel price could still drop further before it enters oversold territory. 

Momentum also seems to favor bears, as evident by the MACD line’s positioning below the MACD Signal line. With the gap between the two lines starting to grow, sellers appear to be gaining momentum as well. 

With the current technical signs presented by the MACD and RSI, traders might keep shorting the Peanut The Squirrel price. This could lead to a break below the aforementioned $1.2697 support.

As the Peanut The Squirrel price tries to hold on to the $1.2697 support, investors are rushing to buy meme coin rival Crypto All-Stars (STARS) for potential parabolic gains.

A Single Platform For Meme Coin Lovers To Grow Their Bags Passively 

Crypto All-Stars (STARS) is a meme coin project that does not follow the status quo. Instead of revolving solely around its own token, the crypto gives meme coin lovers the opportunity to grow their holdings in multiple cryptos all in one place. This is made possible through the project’s innovative MemeVault offering.

Leading tokens including DOGE, SHIB, PEPECOIN, FLOKI, BRETT, MOG, LADYS, TOSHI, COQ, BONK, and TURBO can all be locked up in the Crypto All-Stars ecosystem for rewards that are paid out in the project’s native STARS token.

This unprecedented staking experience is amplified by the fact that investors can also stake STARS for passive rewards. Anyone who locks up STARS now will unlock access to a 379% staking APY.

In addition to the high staking rewards, several experts have stepped forward to share their bullish outlook on the meme coin. Among those that anticipates great things in the project’s future is the popular YouTuber ClayBro. In a video to his more than 130K subscribers, he said that STARS has the potential to soar 10X after its launch.

Investors Rush To Buy STARS During Its Presale Phase

Crypto All-Stars has managed to raise more than $4.7 million throughout its ongoing ICO (initial coin offering), signaling strong investor confidence in the project’s future. Whales have also started to buy into the meme coin at this early stage.

Investors who want to position themselves ahead of the project’s launch and the potential 10X surge forecasted by ClayBro can do so using the simple buy widget embedded on the project’s website.

Currently selling for $0.0015933, STARS can be bought with either ETH, USDT, BNB, SHIB, FLOKI, DOGE, PEPE or bank card. Once purchased, investors can then put the STARS tokens to work on the website’s staking page to get in on the 379% APY currently on offer.

Purchase and stake STARS here for the 379% APY.