Key Takeaways
Cat-themed memecoin POPCAT (POPCAT) and Peanut the Squirrel (PNUT) have garnered a much-needed price increase within the last hours. These memecoins registered this surge following Robinhood’s decision to list them.
Before today’s announcemen t, POPCAT’s price was $0.15, while PNUT’s was around the same. However, as soon as the disclosure went public, POPCAT jumped to $0.18, and PNUT did the same.
Both tokens are still down 92% from their all-time highs. But what does the future hold for them after this Robinhood listing? Let’s find out.
POPCAT Price Breaks Out of Downtrend
POPCAT was one of the best-performing memecoins of 2024. During that time, the price soared by over 10,000%, reaching an all-time high of $2.07.
But since the year began, the memecoin has struggled while facing low demand and intense selling pressure. This performance left the POPCAT’s price in a depressing state as it reached a yearly low of $0.14 earlier this week.
However, the POPCAT Robinhood listing seems to have changed the memecoin’s technical setup. The token was trading within a descending triangle with support around $0.15 on the daily chart.
But as of this writing, the memecoin has broken out of the falling trendline, indicating a potential bullish run could be possible. The Chaikin Money Flow (CMF) also shows that the uptrend might continue as it appears to have risen past the downtrend.
Despite swinging higher, the CMF is yet to rise past the signal line. However, if it does, POPCAT’s price could target a rally of $0.56, close to the 0.786 Fibonacci level.
However, if buying pressure fades quickly, POPCAT’s price might fail to build on the recent uptrend. Instead, the cryptocurrency’s value might sink below the $0.15 support.
Sellers Maintain Control Over PNUT
PNUT’s technical structure appears similar to that of POPCAT, as it also trades below the falling trendline of a descending triangle. However, unlike POPCAT, PNUT might struggle to build on the price increase triggered by the Robinhood listing.
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This is because the price has yet to break out of the falling channel, indicating that the trend remains bearish. Besides that, the Bull Bear Power (BBP) shows that bulls are not supporting the upswing.
The BBP compares the strength of bulls (buyers) to bears (sellers). When the reading is positive, bulls are dominant.
However, the reading is negative, indicating that buying pressure has not outpaced the sell volume. If this remains the same, PNUT’s price might decrease to $0.13.
On the contrary, if bulls take control, this trend might change, and PNUT might move toward $0.55.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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