PENGU and PNUT Struggle for Momentum Post-Robinhood Listing

Recent listings of PENGU and PNUT on Robinhood initially sparked expectations of a price surge. However, both meme coins have not managed to capitalize on this opportunity, showing continued signs of bearishness amid prevalent skepticism towards meme coins in the broader market.

Nevertheless, the Relative Strength Index (RSI) levels for each token suggest they have the potential to rally if buying sentiment strengthens. Should positive momentum return, PENGU and PNUT might approach and even breach important resistance barriers, potentially marking a shift in their negative trajectories.

PENGU at Historical Lows

Currently, PENGU, a Solana-based NFT token, finds itself nearly 80% down from its value over the past two months. With a market capitalization of $400 million, it experienced a brief uptick of around 6% following the recent Robinhood listing. However, technical indicators indicate that a robust recovery may still be out of reach.

PENGU’s RSI has shown improvement, rising from 25 to 55 in only four days, indicating a growing interest from buyers. However, despite this positive shift, PENGU is not experiencing a significant upward movement as skepticism about meme coins and NFT tokens looms large in the current crypto space.

The exponential moving average (EMA) lines reflect a prevailing bearish trend, though the short-term EMAs hint at a potential reversal. If the momentum builds, PENGU might soon face a critical resistance at $0.0069. A breakout above this could pave the way for higher price levels at $0.0075 and $0.0093, marking significant gains not seen since earlier in March.

Conversely, if selling pressure escalates and PENGU falls below $0.0059, there is a risk that it could dip to as low as $0.0050, marking a troubling new low.

PNUT's Attempted Recovery

Similarly, PNUT has witnessed a rough patch as a meme coin, with its price declining by 35% over the past fifteen days. However, the token’s RSI has been on the rise, moving from 33.4 on March 10 to 58.5 currently—an indication of increasing buying pressure, which can signal a short-term resurgence.

If this upward momentum persists and the RSI exceeds 60, it could bolster bullish sentiment, allowing PNUT a chance to reach key resistance at $0.211. A sustained effort to push past this threshold could lead to further increases, potentially targeting $0.25 and then $0.309.

However, they must remain wary of fluctuations. If PNUT's current rise falters, the critical support to watch is $0.144, previously a safe haven during downturns. Should this level be breached, a decline to $0.133 could deepen the bearish outlook and increase selling tendencies.

The narrative surrounding PENGU and PNUT illustrates the complexities faced by meme coins, especially in a cautious market environment. The need for sustained buying interest and positive sentiment remains crucial for any significant price recovery.