PNUT price rose 7.7% in 24 hours, reaching $0.2371 after breaking out of a descending trendline.
Strong trading volume at $170.1M, representing 71.72% of market cap, signals high market activity.
Support is seen at $0.2189, with immediate resistance now at $0.2443.
The PNUT/USDT pair has broken through a descending trendline, with market activity showing a strong upside move. As of June 30, the asset trades at $0.2371, recording a 24-hour gain of 7.7%. This follows a prolonged downward channel visible on the 8-hour chart, with the recent breakout pushing PNUT into a new range.
Price momentum has picked up pace with solid volume backing the move. The current support stands at $0.2189, while immediate resistance is marked at $0.2443. Market cap figures show $236.7 million, while trading volume for the day totals $170.1 million, reflecting a 40.1% increase.
PNUT Breaks Trendline, Eyes Resistance
PNUT recently moved above a trendline that had capped price movement since early May. The breakout formed just above the $0.22 level, allowing price to retest the upper resistance zones. Prior to this move, the token had formed lower highs within a well-defined channel. With price now above that structure, technical focus has shifted to how it performs near key resistance.
Source: (X)
Volume growth accompanied the breakout, which often supports continued price strength. The 8-hour chart also displays clear horizontal support zones near $0.2189. These areas previously acted as accumulation zones, contributing to the shift in momentum seen in recent sessions.
PNUT Volume Surges to 71% of Market Cap as Price Nears Key Resistance
Current trading volume stands at $170.1 million, representing over 71% of PNUT’s market cap. This suggests heightened market interest, especially as price approaches upper resistance at $0.2443. Additionally, the circulating supply sits at 999.85 million PNUT, with no max cap defined.
Source: CoinMarketCap
Meanwhile, the unlocked market cap is closely aligned at $237.14 million, almost identical to the fully diluted valuation. These metrics suggest minimal locked token impact on price behavior at the moment. As volume continues to rise, traders are monitoring whether resistance levels will contain or shift price activity.
Price Performance Aligned With Broader Metrics
PNUT gained 8.2% against BTC and 0.9% against ETH in the last 24 hours. These movements add context to its USD performance. With price now holding above former resistance, any further upside would test $0.2443 directly.
Support near $0.2189 remains crucial if the market turns. The total supply remains just under 1 billion tokens, and current circulation matches that figure. These details provide traders with a structured framework as PNUT enters this higher range.
