PENGU·PNUT, Tepid Response to Robinhood Listing

# Robinhood-Listed Meme Coins PENGU and PNUT Fail to Gain Traction Robinhood’s recent listing of meme coins PENGU and PNUT has failed to ignite significant market reaction, contrary to expectations. On October 13, Robinhood announced via X (formerly Twitter) that it had listed PENGU and PNUT on its platform. Despite the anticipated boost from the listing, the subdued sentiment in the meme coin market resulted in only marginal price movements. Over the past two months, PENGU's market capitalization has plummeted by approximately 80%, currently hovering around $400 million. Although the coin's price rose by about 6% immediately following the Robinhood listing, technical indicators do not suggest a clear recovery trend. However, PENGU’s Relative Strength Index (RSI) increased from 25 to 55 within four days, indicating growing buying interest. The RSI, a measure of buying and selling strength, signals overbought conditions above 70 and oversold conditions below 30. The Exponential Moving Average (EMA), which reflects recent price fluctuations, remains in a downtrend. Yet the short-term EMA is rising, suggesting a potential trend reversal. Should the uptrend continue, PENGU could test the resistance level at $0.0069. Breaking this barrier could push the price to $0.0075 or even $0.0093. Conversely, if the downtrend persists and breaches the $0.0059 support level, PENGU could fall to a new low of $0.0050. PNUT is also struggling to break out of its bearish phase. Its price has dropped 35% over the past two weeks and hasn’t rebounded despite the Robinhood listing. Nevertheless, the RSI for PNUT has consistently risen from 33.4 to 58.5 since October 10, reflecting increasing buying interest. If the RSI surpasses 60, bullish sentiment is likely to strengthen, making it more probable for the coin to reach key resistance levels. Currently, PNUT's EMA indicator shows the short-term EMA below the long-term EMA, signaling bearish conditions. However, if the short-term EMA crosses above the long-term EMA, forming a golden cross, it could signal a bullish reversal. Should PNUT break the resistance level at $0.211, it could rise further to $0.25 or even $0.309. On the other hand, if the uptrend does not sustain, losing the key support level at $0.144 could result in a decline to a new low of $0.133.