Peanut the Squirrel [PNUT] surged rapidly earlier this month, but has been steadily declining over the past week. The psychological price levels of $1.5 and $1 are crucial for traders - the former has been abandoned as a support level.
The overall sentiment in the crypto market is very optimistic, as the trading price of Bitcoin [BTC] is $97,000, just a step away from $100,000. If Bitcoin continues to rise, this may push Peanut the Squirrel into a retracement phase in the coming days.
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PNUT drops to 50% retracement level
On the 4-hour chart, PNUT is losing momentum. The bulls have bravely defended the $1.5 area since November 14th. The fierce attack by the bears has lasted a week and successfully pushed the price lower.
The Fibonacci retracement levels outline $1.29, $1, and $0.6 as key support levels for PNUT MEME buyers. The RSI on the 4-hour chart has fallen below the neutral 50 level, indicating that the momentum is in favor of the bears.
This may drop to $1 or even $0.6. The OBV agrees with this conclusion. It has been unable to maintain above the lows of the past week. The decline in OBV highlights the increase in selling pressure and increases the likelihood of a retracement to $1.
Speculative market faces short-term bearish outlook
Over the past week, the spot CVD has continued to decline, indicating that spot market demand is weakening. This finding supports the OBV's finding, suggesting a short-term bias in favor of the sellers.
Funding rates have been declining, and over the past four days, open interest has slowly decreased from $318 million to $261 million.
Overall, they indicate a decline in bullish confidence in the lower time frames. The slow but steady loss of PNUT suggests that speculators are not eager to go long, even as Bitcoin approaches the $100,000 mark.
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