Peanut

Bittensor

Resistance

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<p>Peanut The Squirrel (PNUT) price has seen a 284.81% surge over the past day. Alongside this impressive gain, the trading volume for PNUT has also risen by 238.13%, indicating heightened activity and interest among traders.</p>
<p>With a surge in its market cap reaching $130 million, PNUT has seen massive gains, sparking interest across the crypto community. The recent price surge was highlighted by popular analyst Sjuul from AltCryptoGems, who expressed excitement in a tweet, remarking, “LOL, the squirrel is going insane.” This sudden movement in PNUT’s price has led analysts and investors alike to examine what’s driving the token’s rise.</p>
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<h2 class="wp-block-heading" id="peanut-the-squirrel-pnut-price-movements-and-market-trends">Peanut The Squirrel (PNUT) Price Movements and Market Trends</h2>
<p>The PNUT chart illustrates a significant upward trajectory, particularly evident in the later stages. Initially, the token experienced a period of low volatility, with prices consolidating at relatively stable levels.&nbsp;</p>
<p>But at mid chart a clear breakout took place which changed the direction of movement. After this breakout, there were consistent sharp upward price movements eventually leading to a rapid increase in the price. This rise has captured investor attention, suggesting that PNUT is experiencing substantial buying interest.</p>
<figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="512" src="https://captainaltcoin.com/wp-content/uploads/2024/11/image-446-1024x512.png" alt="" class="wp-image-582231" srcset="https://captainaltcoin.com/wp-content/uploads/2024/11/image-446-1024x512.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-446-300x150.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-446-768x384.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-446-1536x768.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-446-2048x1024.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-446-100x50.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-446-700x350.png 700w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-446-788x394.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-446.png 680w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption"><strong><em>Image Source: <a href="https://x.com/AltCryptoGems/status/1856645683060559991" target="_blank" rel="noopener noreferrer nofollow">X/SjuulAltCryptoGems</a></em></strong>
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<h2 class="wp-block-heading" id="analyzing-support-and-resistance-levels">Analyzing Support and Resistance Levels</h2>
<p>In terms of support and resistance, the PNUT chart reveals a foundational support level in the early stages, where the price remained stable for an extended period. This stability provided a base for PNUT’s eventual breakout.&nbsp;</p>
<p>The resistance level, observed just before the spike, served as a key barrier. Once breached, this resistance transformed into a new support level, allowing the token to achieve higher valuations. The price increase following this resistance break indicates a strong bullish sentiment and suggests accumulation by investors.</p>
<p><strong><em>Read Also: <a href="https://captainaltcoin.com/will-bittensor-tao-price-break-the-1000-barrier-key-levels-to-watch/" target="_blank" rel="noopener noreferrer nofollow">Will Bittensor (TAO) Price Break the $1,000 Barrier? Key Levels To Watch</a></em></strong></p>
<p>Furthermore, the PNUT price pattern shares characteristics with bullish formations, such as a potential cup-and-handle or wedge breakout. These formations are often associated with positive price movements and indicate heightened investor confidence.&nbsp;</p>
<p>The initial modest gains reflect tests of upper price levels, which eventually evolved into a sustained breakout. This pattern highlights that PNUT has moved past minor price tests and into a phase of strong upward momentum, overcoming previous selling pressures.</p>
<h2 class="wp-block-heading" id="community-hype-and-social-media-influence">Community Hype and Social Media Influence</h2>
<p>Sjuul’s tweet from AltCryptoGems might have played a role in increasing visibility for PNUT’s recent performance. By stating, “Remember where you heard it first!” Sjuul created a sense of early discovery, potentially sparking additional interest among followers.&nbsp;</p>
<p>This type of engagement can contribute to a Fear of Missing Out (FOMO) effect, where social media excitement amplifies buying interest. As more followers become aware of PNUT’s gains, the increased demand further drives the token’s price.</p>
<p>The upward movement of <a href="https://coinmarketcap.com/currencies/peanut-the-squirrel/" target="_blank" rel="noopener noreferrer nofollow">PNUT’s price</a> reflects a combination of technical factors and social media influence. With bullish patterns forming and a support base established, the market is showing a strong response to the excitement around this unique <a class="wpil_keyword_link" href="https://captainaltcoin.com/meme-coins/" title="meme" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">meme</a> coin. As PNUT continues to gain attention, investors are keeping a close eye on its future price trajectory.</p>
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<p>The post <a href="https://captainaltcoin.com/why-is-peanut-the-squirrel-pnut-price-pumping/" rel="noopener noreferrer nofollow">Why is Peanut The Squirrel (PNUT) Price Pumping?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why is Peanut The Squirrel (PNUT) Price Pumping?

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