Meme coins have been facing challenges in reviving their momentum even with the recent debut of PENGU and PNUT on Robinhood. Despite high expectations for a surge in value, these tokens have experienced modest price movements, showcasing a prevalent doubt in the market regarding meme coins.
Nonetheless, the Relative Strength Index (RSI) levels of these tokens suggest potential for growth if there is an increase in buying pressure and improved sentiment towards meme coins. A rebound in momentum could see both PENGU and PNUT challenging key resistance points and possibly reversing their recent downward trends.
PENGU's Journey to All-Time Lows
PENGU, an NFT token on Solana, has witnessed a significant drop of approximately 80% over the past two months, with its market capitalization now standing at $400 million.
Following its listing on Robinhood today, the token experienced a 6% surge. However, technical analyses indicate that PENGU still lacks the necessary momentum for a robust recovery.
The RSI for PENGU has risen from 25 to 55 within a short span of four days, showcasing an uptick in buying activity.
Despite the listing, PENGU has not yet witnessed a substantial rally, as skepticism looms over meme coins and NFT tokens within the current market environment.
While PENGU's Exponential Moving Average (EMA) lines point towards a bearish trend, the recent upward movement in short-term EMAs hints at a potential shift in direction.
If momentum continues to build, PENGU could aim to challenge the resistance levels at $0.0069. A breakthrough at this point could pave the way for further advancements towards $0.0075 and $0.0093, surpassing the $0.0090 mark for the first time since March 2.
However, if the downtrend reinitiates and PENGU loses support at $0.0059, increased selling pressure could drive the token down to $0.0050, establishing new lows.
PNUT's Quest for Recovery in Recent Days
PNUT has been among the struggling meme coins over the past few months, recording a 35% decline in value over the last 15 days. Nevertheless, its RSI has been on a consistent upward trajectory, leaping from 33.4 on March 10 to the current 58.5.
This positive RSI movement indicates a rise in buying pressure, potentially signaling a short-term recovery. Further advancements in the RSI, crossing the 60 threshold, could reinforce bullish sentiment and propel PNUT towards critical resistance points.
Though the EMA lines for PNUT continue to suggest a bearish outlook, with short-term EMAs positioned below long-term ones, the upward trend in short-term lines indicates a possible reversal in trend.
Should these EMAs form a golden cross, PNUT might gather enough strength to challenge the resistance at $0.211. A breakthrough beyond this level could lead to additional gains, targeting $0.25 and potentially $0.309.
Conversely, if the ongoing uptrend fails to sustain, PNUT could encounter renewed selling pressures. The pivotal support level to monitor is at $0.144, which has previously acted as a barrier against price declines.
A breach of this level could push PNUT down further to $0.133, establishing new lows and accentuating the bearish market sentiment.