Meme Coins Surge 8.50% to 13.67% After Robinhood Listing

Three meme coins, POPCAT, PNUT, and PENGU, have gained significant traction following the announcement by Robinhood of their listing. This development has sparked investor interest despite the broader market weakness. POPCAT experienced a 13.67% surge, with its price currently at $0.1926, breaking out from its 10-day Exponential Moving Average (EMA) at $0.188. The coin is now targeting a resistance level of $0.205 after bouncing off its support level of $0.181. If POPCAT can successfully breach the resistance at $0.248, it could potentially reach $0.31, marking a significant rebound. However, if it fails to break through $0.238, the meme coin is likely to trade within the range of $0.150 to $0.227.

PNUT, another meme coin, hit a 24-hour high of $0.1801, reflecting an 8.50% increase. The Relative Strength Index (RSI) for PNUT jumped from 33.57 to 63.73, indicating bullish momentum. The Moving Average Convergence Divergence (MACD) is at -0.0124, suggesting a potential buy signal as momentum shifts positively. If buying pressure continues, PNUT could break through its next resistance levels at $0.1950 and $0.2150, potentially reaching $0.2500. On-chain metrics support this bullish outlook, with PNUT holders increasing from 81,956 to 84,142 in the past week and open interest surging 19% to $137.10 million in the last 24 hours. However, if the breakout fails, PNUT could trade between support levels of $0.15 and $0.13.

PENGU, the third meme coin, is showing signs of a potential reversal after an extended downtrend. The 4-hour RSI has been consistently oversold, but a slight bullish divergence is forming. This divergence, along with decreased selling volume, suggests that negative momentum is fading. If PENGU breaks above minor resistance around $0.007, it is likely to move to $0.0091 and then to the target price of $0.01. However, failure to sustain the $0.005 mark could lead to a decrease. The bullish divergence and declining sell pressure indicate a relief rally for PENGU if it breaks key resistance levels.

The listing of these meme coins on Robinhood has undoubtedly fueled investor interest, driving their prices upward despite the broader market weakness. The bullish indicators and on-chain metrics suggest a positive outlook for these coins, with potential for significant gains if they can break through key resistance levels. However, investors should remain cautious, as failure to sustain these levels could lead to a reversal in fortunes. The upcoming weeks will be crucial in determining the trajectory of these meme coins, as they navigate the volatile crypto market landscape.