PNUT has officially broken out of a long-standing downtrend. This resulted in bullish momentum and set potential targets at $0.57 and $0.98. Market participants are now watching closely as the Peanut the Squirrel Coin positions itself as one of May’s most technically promising altcoins.
After months of price suppression, the PNUT token finally pushed through a descending trendline resistance intact since late 2024. This red trendline marked the upper bound of a descending triangle pattern, keeping PNUT locked in a bearish structure for months. The pattern was defined by lower highs compressing against a relatively flat base near $0.095. As prices became tighter, the breakout arrived with explosive force in early May.
PNUT Token to Rally Over 200% Within Days
The breakout was accompanied by a green engulfing candle that propelled the Peanut the Squirrel Coin from just under $0.13 to over $0.42 within days, a move of more than 200%. This surge broke through the technical ceiling, confirming a breakout. It also flipped market sentiment from neutral to decisively bullish. Volume also surged during the breakout, indicating that accumulation had been quietly occurring throughout the consolidation phase.
Currently, PNUT is just above $0.32, showing healthy signs of forming a higher low and a new support base. While a minor correction followed the initial spike, the PNUT price held well above the former resistance zone and now became support. This behavior suggests a bullish continuation and indicates that the Peanut the Squirrel Coin could be preparing for its next leg up.
Traders and analysts have now fixed their sights on the next levels: $0.57 and $0.98. These targets correspond with previous high-volume price levels that are important for technical analysis and Fibonacci extension levels from the previous impulse wave. The $0.57 level, in particular, marks a psychological midpoint that, once cleared, could lead to upper resistance at $0.98.
Crypto Market Showing Signs of Recovery
PNUT crypto has been in a deeply suppressed range, gradually being squeezed by the descending resistance and flat support. This type of extended compression often precedes high-momentum expansions. The fact that the PNUT token broke out with such conviction suggests a shift in the supply-demand dynamic.
On the macro side, the overall crypto market is showing signs of recovery. As risk traders hunt for breakout plays, PNUT’s technical setup stands out as one of the cleanest in the charts.
For now, eyes remain fixed on how PNUT handles the current consolidation zone. If it can hold above $0.30 and reclaim $0.36 in the near term, a move to $0.57 could happen. Should the rally sustain, the $0.98 level could act as a magnet for momentum-driven buying.
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