- The price of Peanut the Squirrel (PNUT) has increased by 20.80% over the past 24 hours from $0.1596 to $0.1928.
- The total crypto market value is $2.95 trillion, while daily trading volume declined by 22% to $144 billion.
- PNUT faces strong resistance at $0.2406 and maintains $0.1600 as solid support as the bullish momentum cools down.
The crypto market is recovering from the recent slump, with the overall market cap surging to $2.95 trillion. Amidst the bullish resurgence, the 24-hour trading volume has declined 22% to $144 billion. Despite this leading altcoins are gaining momentum, and the memecoin market also experienced a major rebound and its total market cap increased by 6% to $58.20 billion.
Peanut the Squirrel (PNUT), a Solana-based memecoin, has been among the top performers, surging by 20.80% in the past 24 hours to trade at $0.1758. This rally began on February 23, 2025, when PNUT climbed from $0.1300 to a peak of $0.2300. After facing resistance at $0.2300, the price retraced to $0.1400 but has since recovered.
At press time, the memecoin has recovered, and it is trading at $0.1735, pushing the weekly gain to 25% according to CMC data. Despite the bullish momentum, PNUT is down 30% on the monthly chart. Furthermore, its market cap and trading volume have surged to $173 million and $336 million, respectively.
Will PNUT Break Past the Key Resistance at $0.2400?
Technical indicators on the hourly chart suggest that PNUT is trading on a bullish trajectory. However, the bullish momentum is cooling down as the selling pressure starts to dominate PNUT’s market.
Red candlesticks initiated the downward trend on the chart when price action reached $0.2011 to signal diminishing bullish power. The $0.1600 support point remains robust, which would stop any potential downtrend within the bullish pattern.
Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) display a bullish outlook. The RSI has changed its direction and trends upwards at 50 indexes, indicating further room for growth before reaching the overbought region potentially pushing the price higher.
Additionally, the MACD indicator is shifting from its negative to positive state as the red bars start fading away from the histogram. Consequently, this suggests an increase in buying pressure.
Should the current momentum hold, a break above $0.2011 could pave the way for a new journey toward the key resistance at $0.2406. The buyers should continue holding the upper hand so that the bulls can push PNUT’s price above these key levels.
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