Newly Listed Binance Memecoins Soar — PNUT and ACT Prices Reach New Highs
PNUT and ACT Reach New All-Time Highs | Credit: Hameem Sarwar
Key Takeaways
- Peanut the Squirrel (PNUT) reached a new high on Nov. 13.
- The AI Prophecy (AI) reached its high today, on Nov. 14.
- Will the memecoins continue rallying, or are they due for a drop?
On Nov. 11, Binance listed the PNUT and ACT memecoins. The listings sparked outrage in the community due to concerns about insider trading and the fact that they were both very low-cap memecoins with low liquidity.
The memecoins have surged since the listing, and both have entered the top 110 largest cryptocurrencies based on their market cap, with PNUT briefly cracking the top 50.
Let’s analyze their price action and see if the rally is nearing its end or if fresh highs await.
PNUT Reaches All-Time High
The PNUT price has moved upward since Nov. 5. Initially, the upward movement was gradual, and the price was even corrected inside a descending parallel channel for a week.
However, PNUT accelerated its upward movement once it broke out from the channel on Nov. 11, coinciding with the Binance listing.
On Nov. 13, the PNUT price increase accelerated again after Elon Musk tweeted, “The prophecy has been fulfilled” concerning an old squirrel meme.
The wave count suggests that PNUT is in its fifth and final wave of upward movement. Wave five may have ended since it is 0.382 times the length of waves one and three combined.
Technical indicators are also showing weakness. This is especially visible in the bearish divergence (green) developing in the two-hour Relative Strength Index (RSI). If the rally has ended, PNUT could fall to its closest support inside the wave four region at $0.45.
On the other hand, if wave five extends, the PNUT price can increase toward the next targets at $3.73 and $5.83. They are created by giving wave five 0.618 times and the same length as waves one and three combined.
ACT Rallies
Similarly to PNUT, the ACT memecoin surged once Binance listed it on Nov. 11. The rally led to a new all-time high price of $0.89 on Nov. 14.
Unlike PNUT, the ACT price is still in wave three of its five-wave increase, which has extended. The sub-wave count is in yellow.
Additionally, the RSI broke out from its bearish divergence trend line (green), indicating more room for growth.
As a result, the increase may continue until $1.40, giving wave five the same length as wave one. Then, ACT could correct and complete wave four before resuming its increase.
Binance Memecoins Surge
PNUT and ACT have both surged since the listing, accelerating their rates of increase further on Nov. 13.
The PNUT price may have reached a local high, while ACT could have extended it a little longer before retracing.
Binance’s Meme Coin Listing Triggers Concerns Over Insider Trading
