en
Back to the list

How Will PNUT and ANIME Perform After Breaking Key Support Levels?

source-logo  coinedition.com 28 January 2025 09:37, UTC

PNUT and Animecoin (ANIME) are struggling. Both tokens have fallen below key support levels, and traders are worried. There are not many buyers for either token, and selling continues. This slows down recovery.

PNUT’s Uphill Battle

PNUT token has dropped key support levels at $0.550 and $0.241. These levels now act as resistance. PNUT currently trades near $0.252. It is struggling to regain upward momentum.

The daily chart shows downward-sloping trendlines. This indicates a persistent bearish trend. Exponential moving averages (EMAs) confirm this trend. PNUT trades below the 20, 50, 100, and 200 EMAs. The 20 EMA at $0.296 acts as immediate resistance.

The RSI has dipped to 26. This suggests a potential short-term bounce. However, there are not many buyers, and trading volumes are low. This suggests the relief rally may be capped near $0.322. This is a critical resistance level. Without a decisive breakout, the token risks falling to its next support at $0.20.

Related:Solana’s PNUT Token Nears Key Support: Market Outlook


PNUT price movement Source: TradingView

Related:Coinbase Lists Solana Meme PNUT: Will its Price Explode?

ANIME’s Continued Slump

ANIME has followed a similar path. It broke its key support at $0.0551 and currently trades at $0.0476. The token has not sustained any upward movement. It faces immediate resistance at $0.0551 and stronger resistance at $0.0585.

The 4-hour chart shows ANIME trading below all major EMAs. This signals strong downward momentum. The RSI is at 16.13. This suggests a possible short-term bounce. However, the MACD shows weak bullish divergence. This reinforces the bearish outlook.

If the bearish trend continues, ANIME could test lower support levels at $0.0450 and $0.0400. For a meaningful recovery, the token must reclaim $0.0551 and hold above $0.0585. However, there are not many buyers right now.


ANIME price dynamics Source: TradingView

Market Outlook

Both PNUT and ANIME are in a tough spot with their charts showing strong bearish trends. The RSI suggests some short-term relief could happen. However, the overall market conditions are not likely to support a sustained recovery. There needs to be an increase in buyer interest for that to happen.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

coinedition.com