The new meme coin based on Solana, Peanut the Squirrel (PNUT), has continued its impressive rise, climbing 128% in the past 24 hours. The price of the PNUT Token reached an all-time high of $2.49 on Thursday morning before experiencing a slight decline. Currently, it is trading at $2.13, amid a significant increase in trading activity.
As this rookie gradually asserts its position and demand increases, the PNUT Token looks like it will continue to increase in the short term. This analysis explores the factors driving its growth momentum.
Demand Increases With PNUT
TinTucBitcoin’s review of the four-hour PNUT/USD chart revealed an increase in demand for the altcoin. For example, at the time of writing, the price of Meme Coin is above the blue line of the Super Trend indicator.
The Super Trend indicator determines the direction and strength of an asset’s price trend. Appearing as a line on the price chart, it changes color based on the direction of the trend: red for a downtrend and green for an uptrend. When the Super Trend line is above the asset price, it signals a downtrend, suggesting that the bearish momentum will continue.
In the case of PNUT, when the Super Trend line turns green and is below the asset price, it shows that buyers are in control. The green line acts as a support platform, where the asset price could witness an increase in buying pressure and recover from the decline. For PNUT, this support price is 1.29 USD.
Additionally, Meme Coin’s Aroon Up line reached 92.86%, confirming this positive outlook. The Aroon indicator determines the strength and direction of a trend.
When the Up line approaches 100%, it implies that the uptrend is strong. Also indicates that asset prices have reached new highs. This is true for the PNUT Token, which just reached a new peak a few hours ago.
PNUT Price Forecast: Likely to Revisit Highs
With increased buying pressure shown by the Super Trend and Aroon indicators, Meme Coin coin is likely to continue its triple-digit upward momentum. According to Fibonacci indicators, the next price target for PNUT Token is the all-time high – 2.49 USD if the uptrend is maintained. Steady buying pressure could push the price above this peak.
However, if profit-taking begins, the price of the PNUT Token could shed some of its recent gains. In this situation, the price could drop to 1.55 USD. If this level fails to hold, the next support lies at the blue line of the Super Trend indicator at $1.29.
