Coinbase to list PNUT, but bearish momentum and negative sentiment persist
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Key Takeaways
Coinbase will list PNUT on Jan. 14, but the memecoin remains stuck in a descending triangle.
Negative market sentiment around the memecoin also overshadows its development.
Indicators, including the Supertrend, reveal that PNUT’s price risks an extended decline.
Coinbase has finally disclosed the listing date for Peanut the Squirrel (PNUT). But unlike the period the crypto exchange revealed that it added the memecoin to its roadmap, PNUT’s price failed to rise double-digits.
Instead, the cryptocurrency remains stuck in an 80% decline from its all-time highs.
Historically, tier-1 exchange listings like this drive crypto prices a lot higher.
However, the memecoin’s response raises a critical question: Is this just another unsustainable hype, or could it be the momentum boost PNUT needs to recover?
Development Faces Setback as Bearish Pattern Emerges
According to the Coinbase Assets handle on X (formerly Twitter), PNUT will be listed on Jan. 14 by 9 AM Pacific Time. However, the handle mentioned that the listing will only happen if sufficient liquidity is available by the scheduled time.
“Trading will begin on or after 9 AM PT on 14 January 2025 if liquidity conditions are met. Once sufficient supply of this asset is established trading on our PNUT-USD trading pair will launch in phases.” It wrote.
Despite the development, PNUT’s price continues to trade within a descending triangle and is 75% down from its all-time high.
A descending triangle is a bearish pattern defined by a downward-sloping upper trendline and a flatter horizontal support line. As of this writing, PNUT’s price trades at $0.59, which is within the triangle pattern’s range.
It is also close to the horizontal support at $0.55. With the Relative Strength Index (RSI) sitting below the neutral 50.00 level, PNUT appears to be facing bearish momentum, making a significant price rally unlikely.
Furthermore, data from Santiment reveals that Weighted Sentiment around the memecoin PNUT remains negative. This metric evaluates whether remarks about a cryptocurrency lean positive or negative.
Spikes in Weighted Sentiment indicate heightened mentions of the asset, while dips suggest reduced discussions.
Positive sentiment signifies mostly bullish comments. However, in PNUT’s case, the negative reading of the metric implies that the broader market is skeptical about the memecoin’s long-term potential.
If the sentiment remains bearish, then PNUT’s price might be difficult to increase.
Meanwhile, another assessment of the daily chart shows that the Supertrend indicator is above PNUT’s price. This indicator helps to spot and confirm trends on the chart.
When the green line of the Supertrend is above the price, the trend is bullish, indicating that the price can go higher. On the other hand, if the price falls below the red line, it indicates a bearish outlook, which is the case with PNUT.
However, if the memecoin breaks above the lower highs of the descending triangle mentioned above, it could rise to the 0.236 Fib level at $0.96.
In a highly bullish scenario, PNUT could invalidate the bearish thesis and reclaim the 0.618 Fib level at $1.75.
Disclaimer:
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