Amid the recent bullish season in the crypto market, popular memecoins like Shiba Inu and PNUT witnessed a significant drop in the last week. However, some analysts suggest a positive bull run in the upcoming
PNUT Drops Over 30%; Will It Bounce Back?
Peanut the Squirrel (PNUT), the memecoin that recently surpassed a $2 billion market cap, has seen a 30% drop in the past week, bringing its value to $1.36. However, signs of a potential recovery are emerging, suggesting the opportunity to buy at these lower levels may soon diminish.
One indicator of recovery is the weighted sentiment, which measures market sentiment based on social volume. A negative sentiment, like the one currently surrounding PNUT, could set the stage for a bounce, as extreme negativity often leads to a “hated rally”.
The Relative Strength Index (RSI) reflects that PNUT’s momentum may be transforming. Although the RSI is still below 50, its recent increase suggests that it could spark potential bullish momentum. If the trend changes to an upward trend, PNUT’s price could rise above $1.36, helping recover some of its loss.
Shiba Inu (SHIB) Price Falls 3.4%
Shiba Inu (SHIB), the second-biggest memecoin after Dogecoin, has also dropped 5.1% in a week, currently trading at $0.00002392. The asset is down over 70% from its all-time high of $0.00009945 in November 2021.
#ShibaInu forms a bull flag, signaling a move to $0.000037 if $SHIB can break past the $0.000025 resistance. pic.twitter.com/PFbTQtfbZb
— Ali (@ali_charts) November 21, 2024
Despite a 3.4% drop in 24 hours, SHIB has surged 30% over the past month. With a market cap of $14.31 billion SHIB ow ranks 11th in the market, with a $1.11 billion in a trading volume. The Relative Strength Index (RSI) of 59.43 shows that bulls are in control, but SHIB may face support around the $0.000022 level.
Also Read: Shiba Inu Whale Controls 10 Percent of $SHIB Supply Worth $2.5 Billion
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