PNUT Token Rallies 60%, But Analysts Warn of Decline
– The meme token PNUT recorded a 60% increase in the last 24 hours.
– Technical indicators point to an upcoming consolidation.
– Analysts warn of a potential short-term decline before a recovery may occur.
PNUT Records Impressive Surge
In recent weeks, the meme token PNUT has shown an impressive performance. In the last month alone, the token’s value increased by 1,610.05%, by 561.21% in the last seven days, and by 60% in the last 24 hours. Despite these massive gains, analysts are warning of a possible consolidation that could interrupt the upward trend.
Technical Indicators Point to Decline
Recent technical analyses show that PNUT may be facing a short-term downward movement. On the 15-minute chart, a so-called “bearish Doji” candlestick has formed. This formation often occurs at local price peaks and signals increasing selling pressure. Traders might attempt to push the price into a so-called “demand zone,” which lies between 0.7010 and 0.6499. If PNUT reaches this area, a recovery could occur, potentially pushing the price up by as much as 41.19%.
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Balance of Power and Chaikin Money Flow Signal Weakness
Two important technical indicators, the Balance of Power (BoP) and the Chaikin Money Flow (CMF), are currently also showing bearish signals. The BoP indicator, which measures the balance of power between buyers and sellers, is still positive but shows a slight decline. This suggests that buying pressure is waning and the price could fall further if the trend continues. The CMF indicator, which measures capital flow, is also showing decreasing inflows into the token, which could exert additional pressure on the price.
Bearish Sentiment Among Market Participants
Data from Coinglass shows that bearish sentiment among PNUT traders is increasing. Currently, there are more short positions than long positions, indicating that traders are betting on falling prices. The ratio of long to short positions is 0.987, slightly favoring the bears. With most technical indicators pointing to a downward movement, buying pressure seems to be diminishing. This could push the price further down in the near future.
Our Assessment
PNUT has had an impressive rally in recent weeks, but current technical signals suggest an impending correction. In the short term, the price could fall into a demand zone before a potential recovery begins. For traders seeking short-term gains, it might be wise to wait for a decline before re-entering. In the long term, it remains to be seen whether PNUT can maintain its upward momentum or if the consolidation will last longer.
Sources: Coinglass, Trading View
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