Peanut price (PNUT) for this week

Peanut is a memecoin after the famous squirrel that was euthanized in New York. This created an outrage on the internet and soon after a new memecoin was born.

Key support levels: $1.5, $0.86

Key resistance levels: $1.6, $2.1

1. Strong rally in progress

Peanut rallied a staggering 1,800% from its recent lows. This would make any meme coin hunter jealous. Most recently, its price reached an all-time high above $1.7. At the time of this publication, PNUT is in a pullback, but the overall momentum remains extremely bullish.

TradingView Chart 2. No signs of weakness yet

While the ongoing rally is showing plenty of strength, a quick look at the RSI on the four-hour time frame shows that PNUT may be overbought right now. The RSI is almost at 90 points, suggesting caution when buying at these ratings. The ideal is to wait for a better entry.

TradingView Chart 3. Buyers rule

Buying volume has exploded since listing on Binance and is making higher highs. As long as this continues, PNUT has a good chance to go higher, with key targets at $1.6 and $2.1. While this is exciting, remember that this is a memecoin with no real use case.

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