Is Peanut the Squirrel Eyeing Bearish Trends as Token Outlives Hype?

• Peanut the Squirrel has factored in a price drop of 9.58% in the last 24 hours
• The altcoin’s daily trading volume has dipped by a modest 1.14% as per CMC data.

As news of a booming crypto ETF market reached investors’ ears, the prices’ signs of recovery seemed promising. However, contrary to expectations, the upward movement paused prematurely, before leading cryptocurrencies could reach previous resistance. Meanwhile, recent updates suggest a reemergence of international trade tensions

Notably, Bitcoin is currently trading at the $84K level after a brief recovery. Other altcoins also have not shown significant actions in the last 24 hours. One particular memecoin, on the other hand, continues to show bearish dominance. Peanut the Squirrel recorded a drop of 9.58% in the last 24 hours

This drop has caused PNUT to drop to the $0.15 level. In the afternoon hours of April 1, the memecoin was trading at the $0.17 range. As bearish dominance continued, Peanut the Squirrel fell to current levels. At the time of writing, PNUT was trading at $0.1504 as per CMC data

Zooming out, onto its monthly chart, the Solana-based memecoin has recorded a 30.03% drop. This has raised speculations if the token has outlived its market hype. If the bearish trend continues it is expected to fall below the $0.1 level

Will Peanut the Squirrel Recover Anytime Soon?

On analyzing its technical indicators, PNUT’s Moving Average Convergence Divergence (MACD) MACD line stands above the signal line. This suggests that memecoin might see a positive trend approaching in the coming days

PNUT/USDT 4H Price Chart (Source: TradingView*)*Contrastingly, its RSI value stands at 29.94 as per TradingView data. This indicates an oversold market situation and negative sentiment among investors. As technical indicators send mixed signals, in the case of a positive momentum, PNUT can be expected to witness upward trends

Meanwhile, other altcoins such as Raydium showed modest upward movements in the last 24 hours

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