The altcoin, Peanut the Squirrel (PNUT), is facing a bearish trend despite initial recovery optimism following news about a booming crypto ETF market. While Bitcoin and other altcoins saw little movement in 24 hours, PNUT continued to decline, dropping by 9.58% within the past day. Trading volume also decreased slightly, according to CMC data. This downward trajectory has brought the token’s price down to $0.15 from its peak of $0.17 on April 1st. 24-hour chart analysis shows a significant 30% drop for the month. This decline raises questions about whether this memecoin might have outlived its market hype. Analyzing technical indicators, PNUT’s MACD line suggests positive trends are expected in the coming days. However, its RSI value of 29.94 indicates an oversold market condition and negative investor sentiment, hinting at potential upside momentum should the trend change.