Meme Coins PENGU, PNUT Struggle Post-Robinhood Listing

Meme coins PENGU and PNUT have struggled to regain momentum despite their recent listing on Robinhood. Despite expectations of a surge, the price action of these tokens has remained subdued, reflecting broader market skepticism, particularly around meme coins.

PENGU, an NFT token on Solana, has lost nearly 80% of its value in the past two months, with its market cap now at $400 million. The recent Robinhood listing saw the token surge by 6%, but technical indicators show it still lacks momentum for a strong recovery. PENGU’s RSI has climbed to 55 from 25 in just four days, indicating increased buying interest. However, even with the listing, the current market sentiment remains bearish. PENGU’s EMA lines still indicate a bearish trend, but the upward movement in short-term EMAs suggests a possible shift. If momentum builds, the token could test resistance at $0.0069, with a breakout opening the door for a move toward $0.0075 and $0.0093, breaking above $0.0090 for the first time since March 2. However, if the downtrend resumes and PENGU loses support at $0.0059, selling pressure could push it as low as $0.0050, marking new lows.

PNUT has also been struggling, with its price dropping 35% in the last 15 days. However, its RSI has been steadily rising, jumping from 33.4 on March 10 to 58.5 now. This shift suggests that buying pressure has increased, potentially signaling a short-term recovery. If RSI continues to rise and crosses 60, it could strengthen bullish sentiment, pushing PNUT toward key resistance levels. Despite this momentum, PNUT’s EMA lines still suggest a bearish trend, as short-term EMAs remain below long-term ones. However, the short-term lines are moving upward, hinting at a possible trend reversal. If these EMAs form a golden cross, PNUT could gain enough strength to test resistance at $0.211. A breakout above this level could lead to further gains, with the next targets at $0.25 and potentially $0.309. On the downside, if the current uptrend fails to hold, PNUT could face renewed selling pressure. The key support level to watch is $0.144, which has previously held price declines. If this level is lost, PNUT could drop further to $0.133, marking new lows and reinforcing the bearish structure.

In summary, despite the recent listing on Robinhood, both PENGU and PNUT continue to face bearish sentiment. While there are signs of increased buying interest and potential for short-term recovery, the overall market trend remains cautious. Investors should closely monitor technical indicators and market conditions before making any investment decisions.