Peanut The Squirrel (PNUT) Price Prediction as the Token Sees 9% Drop in 24 Hours

The Peanut The Squirrel price dropped 9% in the last 24 hours to trade at $1.6261 as of 2 a.m. EST on trading volume that dropped 20% to $1.26 billion.

The Peanut The Squirrel price dropped 9% in the last 24 hours to trade at $1.6261 as of 2 a.m. EST on trading volume that dropped 20% to $1.26 billion.

The token’s price has been skyrocketing between November 4 and 14, when it climbed to an all-time high (ATH) at $2.47. Since then, however, its price corrected and has been stuck between a support at $1.6 and a resistance at $2.

This means that the PNUT token has been relatively stable, and on a weekly basis, its growth is still exceptional, going beyond 239%. However, on a day-to-day basis its price has been seeing significant fluctuations.

While this opens the door for day traders to make their move, and indeed, many have used its fluctuations to make small bits of profit multiple times throughout the day. However, the fact that Peanut The Squirrel price is seeing such sharp drops is interesting, as the token has plenty of reasons for growth in terms of fundamental analysis.

Just yesterday, KuCoin Earn announced the launch of the new PNUT saving coin as part of a major PNUT promotion.

💰KuCoin Earn Will Be Launching the @pnutsolana $PNUT Saving

⏰Activity Start: 10:00:00 on November 18, 2024 (UTC)

Details: https://t.co/LpeJn1LI0j pic.twitter.com/81pqDKc0vB

— KuCoin Earn (@KuCoin_Earn) November 18, 2024

However, the market fluctuations still affect the token strongly enough to cause it to see negative performance in spite of positive news.

Peanut The Squirrel Price Prediction

The PNUT chart reveals that the token is quick to bounce back, however, which it does as soon as the situation allows it. However, such bursts of growth and recovery are typically quick and short, as some of the technical indicators might suggest.

For example, the token’s Bollinger bands have started seeing a sharp widening in the past few hours as the price started recovering from the drop seen in the past day and a half. PNUT’s recovery is rapid, which might lead it back to one of the higher resistances, perhaps even $2, although this is unlikely, given another technical indicator.

According to the Relative Strength Index (RSI). the PNUT price could soon see a rejection, possibly after nearing the price of $1.8. The RSI, a metric that shows whether traders are overwhelmingly buying or selling, has revealed that PNUT purchases have skyrocketed in the last four hours or so.

However, this also pushed the RSI up to the overbought zone, which means that opportunity seekers are likely to sell as soon as the RSI value hits 70. This is where the overbought zone begins, and this value is typically when traders start taking profit.

As a result, PNUT could see another rejection and its price could drop back down toward a support at $1.55. For the moment, the token is pushing the upper band further up, even exceeding the borders of Bollinger bands, but such growth rarely lasts for long, so anyone looking to buy the popular squirrel meme coin should consider waiting for a better opportunity.

Promising Alternative To Peanut The Squirrel

While you wait for the right time to buy PNUT, consider joining another promising meme coin project, preferably one in the ICO stage, such as Flockerz (FLOCK). Buying a coin while it is still in presale ensures that you do not have to worry about sharp price fluctuations for a while, and buying a promising project could mean significant earnings if its price surges after it enters circulation.

Flockerz does seem like a highly promising meme coin, and its ICO has already raised over $2.35 million. The project focuses heavily on building and maintaining an active community, to the point where it developed a new model called Vote-To-Earn (V2E). Its purpose is to incentivize community members to stick around and regularly participate in token governance.

In return, they get rewarded with FLOCK, the project’s native token, whenever they join the vote in order to make a project-related decision. In doing this, Flockerz ensures that its community will be active because their participation no longer depends on their interest in decision-making, but rather on their interest in making a profit.

Once they receive their FLOCK rewards, they can also stake the tokens and earn major staking rewards, currently at 884%.

Flockerz has great potential to keep growing and attracting more token holders, who are then likely to keep the tokens they bought and earn more through governance, which also ensures that the project maintains high levels of decentralization. Crypto YouTuber