PNUT Coin Price Climbed By 25% Post Listing On Coinbase

• PNUT price has surged by 25% on Dec 11 post-launch on Coinbase.
• Peanut the Squirrel price has bounced back from the $1.

Peanut the Squirrel (PNUT) price has received strong buying pressure on the major support level of $1. It has jumped by 25% and seems to have survived the recent dip. Recently, the PNUT coin was listed on Coinbase, and strong buying pressure was seen.

The price of Peanut the Squirrel, a Solana meme coin modeled after a well-known squirrel on social media, has increased by up to 31%. The spike comes after Coinbase revealed that it would list the token for trading.

PNUT, currently trading on Coinbase, will join Mog Coin (MOG) and Moo Deng (MOODENG) from the Ethereum and Solana blockchains.

Can PNUT Price Reclaim $2 Mark After its Listing on Coinbase

When writing, Peanut the Squirrel was trading at $1.30 which has surged by 23.94% over the past 24 hours. Its market capitalization was $1.3 Billion and the 24-hour trading volume was $1.47 Billion which has increased by 80%.

The technical chart displayed that the PNUT price has been consolidating in a parallel channel. The price has managed to defend the lower support level and is heading toward the upper resistance level of $1.60.

Amid this bullish move, the price has surpassed the 20-day EMA and has pulled back in a 4-H time frame. If the price crosses the upper resistance level of $1.60, it could be a bullish signal. If buyers remain strong over the $1.60 mark, the price may extend to the $2 mark in a few days.

Conversely, if the PNUT crypto price faces resistance from the $1.60 mark, sellers could dominate. If it loses the 20-day EMA, it may dive to a major support level of $1. Once the price starts trading below the $1 mark, it could be difficult for buyers to bounce back.

Eyes on PNUT Coin Post Listing on Coinbase

Historical evidence suggests that this sentiment is not entirely unjustified. Every time a project’s token is listed for trading on a major cryptocurrency exchange, there is typically a price spike.

This concomitant upward trend was identified in 2019 and given the moniker “Coinbase Effect.”

Coinbase is not the only company affected by this. Thena (THE), a DEX and liquidity layer on the BNB Chain, experienced a huge price increase of 144.53% two weeks ago.

Following the listing update on Binance and the airdrop for users who had subscribed to Simple Earn Flexible or Locked products, the price spike occurred.

PNUT Price Analysis After Listing on Coinbase

Peanut the Squirrel price has shown significant resilience and strong upward momentum following its listing on Coinbase, with a notable surge of 31% in its price. Currently trading around $1.30, the coin has demonstrated the ability to hold above critical support levels.

If it can successfully break through the upper resistance of $1.60, there is a potential for further gains toward the $2 mark. However, caution is warranted; if selling pressure arises at $1.60 and the price falls below the 20-day EMA, it could lead to a decline toward the $1 support level.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.