Squirrel Token (PNUT) Surges 77% in Value: Could This Be the Next Cryptocurrency to Burst?
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The price of Peanut the Squirrel, or PNUT, soared by a whopping 77% in the past 24 hours, trading at $0.28394 as of 4:25 a.m. EST, with an astonishing trading volume that skyrocketed 592% to an eye-popping $625 million!
Bullish PNUT Trend Ahead?
A close examination of the daily chart reveals a powerful breakout from a long-standing descending wedge pattern, typical of a bullish reversal. This pattern, marked as A-B-C-D and framed by converging trendlines, has been in formation since late January. The breakout sends PNUT soaring from recent lows around $0.215 to its current price point of approximately $0.284.
The breakout was backed by PNUT's ascent above the 50-day Simple Moving Average (SMA), a strong technical signal that the downward trend might flip to a favorable bullish phase. The 50-day SMA now functions as a dynamic support level at $0.164, setting a solid foundation for continued upward movement if the breakout remains intact.
Meanwhile, the Relative Strength Index (RSI) is presently at 77.02, sitting firmly in the overbought territory. Although this implies short-term selling pressure or consolidation, it also confirms robust bullish momentum, particularly in the context of a wedge breakout.
The Moving Average Convergence Divergence (MACD) also shines a bullish light. The MACD line (blue) has crossed over both the signal line (orange) and the zero line, showing a shift from bearish to bullish momentum.
PNUT/USDT Chart Analysis (Tradingview)
Could PNUT Surge Another 99%?
Fibonacci retracement levels, derived from the previous high to the recent low, pinpoint the immediate target around $0.57195 (the 0.786 level), with farther targets at $0.99685 (0.618 retracement) and $1.29530 (0.5 retracement) if the bullish trend carries on.
If the breakout persists, the price is likely to challenge the 0.786 Fibonacci level at $0.57195 in the near to mid-term, representing a staggering 99% increase from the current level.
However, due to the overbought RSI, a temporary pullback or sideways consolidation may occur before continuation, with the $0.1198 level acting as a reliable support lying within the wedge's lower boundary.
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YouTuber sensation Jacob Bury, with a following of over 56.3k subscribers, believes BTCBULL has the potential to soar 10X after launch.
BTC Bull Token Hurling Towards $6 Million Presale
The BTC Bull Token presale is generating significant hype as an ambitious play to leverage Bitcoin's momentum. The project is based on the belief that Bitcoin's value will skyrocket in coming years to $1 million—if not beyond.
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Each $25,000 surge in Bitcoin's price, commencing at $125,000, will trigger a BTCBULL token burn, making the meme coin even more scarce and boosting the case for the token further.
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Download NowJoin Our Telegram channel for the latest scoop on breaking news and updates!
- The price surge of Peanut the Squirrel's token, known as PNUT, has attracted interest in the investing world, particularly in the context of technology.
- The Moving Average Convergence Divergence (MACD) for PNUT shows a shift from bearish to bullish momentum, another indication of strengthening prices.
- Investors are showing interest in BTC Bull Token (BTCBULL), a Bitcoin-themed meme coin, despite the ongoing excitement surrounding PNUT.
- The rising price of Bitcoin may have implications for BTC Bull Token, with each $25,000 surge in Bitcoin's price set to trigger a BTCBULL token burn, potentially boosting its demand and price.
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