PNUT is gaining traction as one of the top 10 meme coins, showing signs of bullish momentum. Recent indicators suggest the token could extend its rally, but risks of correction remain.
PNUT Buying Pressure Gains Strength
PNUT’s price is climbing, supported by a rising Average Directional Index (ADX). The ADX has jumped to 17.5 from under 9 in just one day, signaling improving trend strength. While the ADX is below the 25 threshold that indicates a strong trend, the rapid increase suggests growing buying pressure.
If this momentum persists, PNUT could see a stronger uptrend. The ADX highlights the potential for continued price growth as market conditions remain favorable.
PNUT RSI Indicates Room for Growth
The Relative Strength Index (RSI) for PNUT has surged to 64.7, up from below 50 the day before. This reflects stronger bullish momentum. RSI values over 70 signal overbought conditions, while those below 30 indicate oversold levels.
PNUT’s RSI remains below 70, suggesting room for further price increases. The last time PNUT entered the overbought zone was on November 14. Historical trends show that RSI nearing 70 often coincides with strong rallies, indicating potential for additional gains in the short term.
Price Prediction: Can PNUT Hit $2.50?
As the 9th largest meme coin, PNUT is steadily climbing the ranks. If it sustains its momentum and breaks the $1.41 resistance level, the price could target $1.87. A push beyond that could see PNUT testing $2.21 and possibly reaching $2.50, positioning it to overtake POPCAT in market cap.
The gap between PNUT and POPCAT currently stands at about $20 million. If PNUT continues to rally, it could close this gap, challenging its competitor.
What Happens If Momentum Fades?
If PNUT’s current uptrend weakens, it could retest key support levels at $1.04 and $0.74. Failing to hold these levels might lead to a deeper correction, potentially bringing the price down to $0.41. This would mark a significant reversal from its current bullish trajectory.
