Peanut the Squirrel (PNUT) Price Plunged 19% in the Last 24 Hours to Trade at $1.67

The Peanut the Squirrel price recently experienced a sharp upward movement, peaking near $2.5 before entering a consolidation phase

The Peanut the Squirrel (PNUT) price displayed bearish signs on Monday, showing a 19% decrease in the last 24 hours and trading at $1.67 as of 11:15 p.m. EST. The trading volume also took a hit, plummeting 57% to $3.6 billion.

Peanut The Squirrel Price Analysis: Bearish Trend, Support at $1.0

According to data from GeckoTerminal, the PNUT price showed a slight upward trend initially, peaking near $2.5 before entering a consolidation phase. The trend was initially bullish, with a strong upward price movement and the 50-day Simple Moving Average (SMA) rising sharply.

However, the price faced resistance at the upper channel boundary and began to retrace. The falling channel now has the Peanut the Squirrel price trading slightly below the 50-day SMA, indicating a slight retracement. But PNUT still trades above the 200-day SMA ($0.57), suggesting that the asset may still be in a bullish rally.

Furthermore, the Relative Strength Index (RSI) is currently at 45.13, which is below the midpoint (50), indicating that the momentum has cooled off after the recent peak. In this range, the asset is considered neither overbought nor oversold, leaning slightly bearish but potentially stabilizing. If it starts trending back toward 50 and above, it could signal renewed buying interest.

If the current bearish stance continues along the channel, the Peanut the Squirrel price could plunge, with the next possible support level at $1.0.

On the other hand, a breakout above the descending channel or flag with increased volume could trigger a resumption of the uptrend, potentially retesting the recent high around $2.5.

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