PNUT Breaks Out of Long-Standing Downtrend, Targeting $0.57 and $0.98

PNUT has officially broken out of a long-standing downtrend. This resulted in bullish momentum and set potential targets at $0.57 and $0.98.

PNUT, the native token of the Peanut utility platform, has officially broken out of a long-standing downtrend, putting it in the crosshairs of bullish momentum traders who are now targeting $0.57 and $0.98.

As May unfolds as a technically promising altcoin season, market participants are watching closely as PNUT shows signs of an impending move to the upside.

After months of price suppression, PNUT finally pushed through the resistance of a descending trendline that had been in place since late 2024. This resistance, highlighted in red, formed the upper boundary of a broad descending triangle pattern that had been keeping PNUT locked in a bearish structure for months.

The pattern was defined by lower highs compressing against a relatively flat base of support around $0.095.

As the price action became tighter, setting the stage for a breakout with explosive force, it arrived in early May.

$PNUT BREAKOUT CONFIRMED! 🚀 Targets set at $0.57 & $0.98! 📈 Don’t miss out! 👀 #PNUT #CryptoRally #Trading

The breakout was accompanied by a green engulfing candle that propelled PNUT from just under $0.13 to over $0.42 within a few days, an advance of more than 200%.

This surge broke through the technical ceiling, confirming the breakout and also flipped the market sentiment from neutral to decisively bullish. Volume also surged during the breakout, indicating that strong buying pressure had been silently accumulating throughout the consolidation phase.

Currently, the price of PNUT is just above $0.32, showing healthy signs of forming a higher low and a new support base.

After a minor correction following the initial spike, the price has managed to remain comfortably above the former resistance zone, which is now providing support. This behavior is a continuation of the broader bullish trend and suggests that PNUT could be preparing for its next leg up.

Traders and analysts are now turning their attention to the next key levels of interest, which are located at $0.57 and $0.98.

These targets correspond with previous high-volume price levels that are important for technical analysis and Fibonacci extension levels from the previous impulse wave. The $0.57 level, in particular, marks a psychological midpoint that, once cleared, could lead to the next round of selling pressure at the upper resistance at $0.98.

PNUT Has Been In A Deeply Surpressed Range

It’s worth noting that PNUT has been in a deeply suppressed range for a long time, being gradually squeezed by the descending resistance and the flat support. This type of extended compression often precedes periods of high-momentum expansion.

The fact that PNUT broke out of the triangle with such strong volume and velocity suggests a shift in the supply-demand dynamic.

On a broader macro level, the overall crypto market is showing signs of a broader recovery as risk traders are on the lookout for interesting breakout plays. In the technical sphere, PNUT’s technical setup stands out as one of the cleanest and most promising on the charts at the moment.

For now, the focus remains on how PNUT will behave as it consolidates the gains from the triple-bottom pattern.

If the price can hold above $0.30 and manages to reclaim the $0.36 level in the near term, it could set the stage for a continuation towards the $0.57 target.

Should the bullish rally sustain, paving the way for another leg up, the $0.98 level could act as a strong magnet for momentum-driven buying.

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