PNUT and Animecoin (ANIME) are facing significant challenges in the current market conditions. Both tokens have experienced a decline below crucial support levels, causing concern among traders. The lack of buyer interest has led to continued selling pressure, hindering any potential recovery.
PNUT, in particular, has struggled to regain momentum after falling below key support levels at $0.550 and $0.241. Currently trading near $0.252, PNUT faces strong resistance at the 20 EMA of $0.296. The bearish trend is confirmed by the alignment of EMAs, with the token trading below the 20, 50, 100, and 200 EMAs. The RSI, at 26, suggests a possible short-term bounce, but low trading volumes indicate limited upside potential. Without a decisive breakout above $0.322, PNUT risks further downside towards the next support level at $0.20.
On the other hand, ANIME has also faced a similar fate, dropping below the $0.0551 support level to trade at $0.0476. The token struggles to sustain any upward movement, facing resistance at $0.0551 and $0.0585. Trading below all major EMAs on the 4-hour chart signals strong downward momentum, with the RSI at 16.13 indicating a potential short-term bounce. However, weak bullish divergence on the MACD reinforces the bearish outlook. ANIME may test lower support levels at $0.0450 and $0.0400 if the bearish trend persists.
In order to reverse their bearish trends, both PNUT and ANIME require a significant increase in buyer interest to reclaim resistance levels. Despite potential short-term relief indicated by the RSI, sustained recovery is unlikely without a broader market support. Traders are advised to exercise caution and closely monitor market developments to make informed decisions.
Disclaimer: The information provided in this article is for informational and educational purposes only. It does not constitute financial advice. Readers are urged to conduct their own research and exercise caution before making any investment decisions.