Meme coins are struggling to regain momentum despite PENGU and PNUT being newly listed on Robinhood. Although expected to surge, the prices of these tokens have not seen much volatility, reflecting widespread skepticism in the market, especially towards meme coins.

However, their RSI levels indicate potential for growth if buying pressure increases and sentiment towards meme coins improves. If the momentum recovers, both PENGU and PNUT could test key resistance levels, potentially reversing their recent downtrends.

PENGU is trading at an All-Time-Low

PENGU, a Solana-based NFT token, has lost nearly 80% of its value over the past two months, with a current market capitalization of $400 million.

The Robinhood listing today has helped the token gain 6%, but technical indicators suggest it still lacks the momentum for a strong recovery.

Its RSI has risen to 55 from 25 in just four days, indicating increased buying interest.

However, even with the listing, PENGU has not seen a significant surge, as meme coins and NFT tokens face skepticism in the current market.

PENGU's EMA lines still show a downtrend, but the upward movement of the short-term EMAs suggests a potential trend reversal.

If the momentum increases, the token could test the resistance level at $0.0069, with a breakout potentially opening up opportunities to reach $0.0075 and $0.0093, surpassing $0.0090 for the first time since March 2nd.

However, if the downtrend continues and PENGU loses support at $0.0059, selling pressure could push it down to as low as $0.0050, marking a new All-Time-Low.

PNUT has been attempting to recover in the past few days

PNUT is one of the meme coins that has struggled in recent months, with its price declining 35% over the past 15 days. However, its RSI has been steadily increasing, from 33.4 on March 10th to the current 58.5.

This change suggests that buying pressure has increased, potentially signaling a short-term recovery. If the RSI continues to rise and crosses above 60, it could bolster positive sentiment and propel PNUT towards key resistance levels.

Despite this momentum, PNUT's EMA lines still indicate a downtrend, as the short-term EMAs remain below the long-term ones. However, the short-term EMAs are moving upward, suggesting a potential trend reversal.

If these EMA lines form a Golden Cross, PNUT could gain enough strength to test the resistance level at $0.211. A breakout above this level could lead to further gains, with the next targets being $0.25 and potentially $0.309.

Conversely, if the current uptrend fails to hold, PNUT may face renewed selling pressure. The critical support level to watch is $0.144, which has previously held the price from declining further.

If this level is lost, PNUT could drop deeper to $0.133, marking a new All-Time-Low and reinforcing the bearish structure.