PNUT Price Analysis: Can Peanut the Squirrel Reclaim $2 Mark After Its Listing on Coinbase

The price of Peanut the Squirrel, a Solana meme coin modeled after a well-known squirrel on social media, has increased by up to 31%.

The price of Peanut the Squirrel (PNUT), a Solana meme coin named after a viral social media squirrel, experienced a surge of up to 31% following an announcement that it will be listed for trading on Coinbase.

At the time of writing, PNUT was trading at $1.30, up 23.94% in the past 24 hours, with a market cap of $1.3 billion and 24-hour trading volume of $1.47 billion, showing an 80% increase.

According to technical analysis, the PNUT price has been consolidating within a parallel channel. The price managed to find support at the lower level and is now moving toward the upper resistance of $1.60.

In a 4-H time frame, the price crossed the 20-day EMA and pulled back, showing strong buying pressure at $1. If buyers manage to push the price above the upper resistance of $1.60, it will be a bullish signal.

If buying strength continues above $1.60, the price may extend toward the $2 mark in the coming days.

On the other hand, if the PNUT crypto price fails to break through the $1.60 mark and faces selling pressure, sellers may take over. If the price falls below the 20-day EMA, it could lead to a drop toward the critical support of $1.

If the price begins trading below $1, it will be difficult for buyers to recover.

CoinBase listing drives up PNUT price

There is some historical evidence to support this sentiment. Almost every time a project’s token is listed for trading on a major cryptocurrency exchange, there is a tendency for the price to increase.

This parallel upward trend was noticed in 2019 and came to be known as the “Coinbase Effect.”

Coinbase is not the only exchange that has this effect. Two weeks ago, Thena (THE), a DEX and liquidity layer on the BNB Chain, also experienced a massive price increase of 144.53%.

The price spike occurred following an announcement of the listing on Binance and an airdrop for users who subscribed to Simple Earn Flexible or Locked products.

PNUT price analysis post Coinbase listing

The Peanut the Squirrel price has shown great resilience and strong upward momentum following its listing on Coinbase, with a noticeable surge of 31% in its price. Currently, trading around $1.30, the coin has shown the ability to hold above critical support levels.

If it manages to break through the upper resistance of $1.60, there is a potential for further gains toward the $2 mark. However, caution is advised; if selling pressure arises at $1.60 and the price falls below the 20-day EMA, it could lead to a decline toward the $1 support level.

This article is intended for informational purposes only and does not provide financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please conduct your own research before making any financial decisions.