PNUT Approaches Key $0.45 Resistance As ‘Rounding Bottom’ Signals Bullish Continuation: Will It H...

PNUT completed a rounding bottom pattern and is approaching a key resistance zone.

PNUT’s market cap stands at $307.49M, with a 14.76% weekly gain.

Derivatives data shows $1.01B in volume and $179.74M in open interest, indicating sustained bullish sentiment.

Peanut the Squirrel(PNUT) is showing a completed ‘Rounding Bottom’ formation on its 1-day chart, suggesting a change in market direction. After months of accumulation, PNUT is now trading around $0.31, with price action gradually climbing. Technical signs and trading behavior are pointing to an upcoming test of the $0.40–$0.45 resistance area.

Rounding Bottom Pattern Formed Over Months

According to a technical analysis prepared by Kamran, PNUT rounding bottom began forming after a steady downtrend earlier in the year. This downward movement transitioned into a horizontal price range, which started in March and extended through April, marking a slow shift in market behavior.

Source: X

A deeper view indicates that during May, the price started to rise from its base around $0.27, forming a cup-like structure through June and July. The current price trend now shows a clear curve indicating a completed bottom. PNUT is now approaching the resistance zone between $0.40 and $0.45. According to an observation by Karman_1s, a confirmed breakout above this level could push the token towards the $0.50–$0.60 target range. This aligns with common technical price projections based on the pattern’s depth.

Market Cap, Circulation, and Liquidity Metrics Revealed

At the time of press, CoinMarketCap data indicates that As of now, PNUT is trading at approximately $0.3075, marking a 14.76% weekly gain. The token reached a high above $0.34 before slightly pulling back. According to the 7-day chart, higher highs and higher lows are provided continuously, and this is a sign of a bull trend. The level of activity was high as volume stood at $395 million and the ratio of volume to market-cap was 125.65%.

The current market cap of PNUT stands at $307.49 million. The total supply and circulating supply are equal at 999.85 million tokens, meaning all tokens are already in the market. The fully diluted valuation mirrors the market cap, also at $307.49 million, while the unlocked market cap stands slightly higher at $313.11 million.

Source: CoinMarketCap

The token’s consistent liquidity is backed by strong trading interest. Despite a 19.39% drop in daily trading volume, activity remains high. The range trading between 0.28 and 0.34 persists, but with higher lows being in place, it is signaling that the market is brewing support.

Derivatives and Trader Sentiment

According to Coinglass market data, PNUT's derivatives market remains strong, with $1.01 billion in volume and $179.74 million in open interest. The slight dip in open interest reflects traders adjusting positions after sharp price moves. While the 24-hour long/short ratio is 0.9044, platform data shows bullish sentiment

Source: Coinglass

With the current structure and positive market sentiment, traders commonly view such patterns as a possible start of a longer upward trend. To validate the expected market movement, volume activity has increased as price moved higher, supporting the pattern's structure.