Peanut gains $1.2b market cap, entering top 100 cryptos

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As a seasoned analyst with over two decades of experience in the crypto markets, I must admit that I’ve seen some unique and unexpected rallies, but Peanut the Squirrel (PNUT) has certainly caught my attention. The rapid growth of this meme coin is nothing short of remarkable, especially considering its controversial origin and early struggles.

As an analyst, I’m observing an intriguing trend: The meme coin, Peanut, which made its debut on the Solana blockchain, is currently leading the pack among the top 100 cryptocurrencies, experiencing a significant surge in value during this recent market rally.

In honor of Peanut, the squirrel who recently became a subject of controversy due to its euthanization by the New York State Department of Environmental Conservation, Peanut the Squirrel (PNUT) experienced an initial struggle in the market following its debut in early November.

On November 4th, the price of the coin plunged to an all-time low of $0.03104. But PNUT quickly regained its balance, bouncing back as it aligned with a general market surge that occurred post the victory of Donald Trump in the recently concluded U.S. presidential election.

On November 11th, the fervor surrounding PNUT significantly escalated. This digital asset surged an astounding 256%, reaching a record peak of $0.47. Just yesterday, Binance announced its inclusion on their platform. Over the past day, PNUT has experienced a 170% increase and is currently being exchanged at approximately $1.2 as we speak.

As a researcher, I’m thrilled to share that my focus token, PNUT, has recently broken into the elite group of the top 100 cryptocurrencies. This significant milestone is underscored by its market capitalization soaring beyond the impressive figure of $1.2 billion.

In just under ten days, the value of this asset surpassed $1 billion as the swiftest-developing meme coin to achieve such a milestone.

On the four-hour chart of PNUT, significant support areas are highlighted at key Fibonacci levels. Specifically, you’ll find them approximately at the 23.6% level ($0.7751), the 38.2% level ($0.6439), and the 50% region around $0.53801. If the price experiences a dip, these zones could potentially serve as strong points of recovery or bounce back.

As a crypto investor, I’ve learned that significant levels might present purchasing chances when prices dip, as they’re frequently zones where demand surges in bullish market conditions.

At present, PNUT is close to reaching the upper limit predicted by the Fibonacci scale, which indicates a positive outlook among traders. But if it faces resistance at its latest peak prices, investors should be prepared for potential pullbacks toward the 0.382 or 0.5 Fibonacci points. These levels might offer temporary pauses before another rise occurs, acting as suitable areas for consolidation.

Right now, the RSI (Relative Strength Index) of this meme coin stands at 84.93, which indicates that it’s in an overbought state, represented by the pseudonym PNUT. Since such a high value signals possible overextension, there could be a price correction coming up soon, especially if trading volumes begin to dwindle.

If the current buying pressure continues, there’s a good chance that PNUT’s Relative Strength Index (RSI) will remain high, suggesting that PNUT might sustain its upward trend. This could occur if there’s a rise in trading volume.

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2024-11-13 12:36