Meme Coin PNUT is On the Radar and Poised for Upward Movements

As the market is in bullish phase with Bitcoin surge, several altcoins are experiencing surge

Meme coin Peanut (PNUT) is on the radar and poised for upward movements as the market momentum sustains.

As the market is in bullish phase with Bitcoin (BTC) surge, several altcoins are experiencing surge while meme coins are gaining attention and are on their way to an upward trend. Benzinga readers might also like: Top 5 Meme Coins To Watch In March 2024

Also interesting: Coinbase (NASDAQ:COIN) Is Struggling To Stay Afloat As Bitcoin Surges Past $50Koutput

What Happened: Meme coin Peanut (PNUT) is holding strong above support level and soon it will attempt to test resistance and starts its upward trajectory if the market momentum sustains. The price of Peanut is slightly decreased by 0.86% in the last 24 hours, now trading at $0.196787.

As of Monday morning, Peanut is up by 10% over the past week while major coins are in red. The 24-hour trading volume of PNUT is $554.02M, and its market cap is $196.76M.

One of the key developments that helped Peanut experience a surge in value is Robinhood (NASDAQ:HOOD) has added three new meme coins, Pengu (PENGU), Peanut the Squirrel (PNUT), and Popcat (POPCAT), to its platform, confirming the listings on March 13. After that, Peanut shows positive momentum and starts its way to upwards.

PNUT Breakout Towards $0.4490 on the Cards

Following this positive surge and listing announcement, Crypto analyst Marzell optimistically highlighted that, if Peanut (CRYPTO: PNUT) hold above $0.1406 (Fibo buy zone) it could increases confidence in huge upside continuation and Peanut will reach higher price targets.

Conversely, If Peanut fails to hold this support level it could lead to another retest before confirming bullish reversal. However, Peanut is forming a bullish structure near its major support. If it holds and confirms bullish momentum, expect a potential rally towards $0.3184 – $0.4490.

With strong technical signals and positive market conditions, Peanut is well positioned for breakout and outperform the meme coin mania. Dogecoin (CRYPTO: DOGE) and SHIB (CRYPTO: SHIB) is also in positive conditions with the market. If Peanut sustains and continues to hold above support, higher price targets are within range in the coming days.

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Now that the SEC has sued major crypto exchange Binance and also filed a complaint against Coinbase (NASDAQ:COIN), several legal experts are weighing in on what they believe will be the implications of the lawsuit.

"The SEC is asserting a broad regulatory vision that, if realized, would significantly alter the landscape of digital assets," said an attorney at the law firm Cleary, Gottlieb, Steen & Hamilton.

The SEC's actions come amid increasing scrutiny of the cryptocurrency industry, which has seen rapid growth in recent years. The agency has been particularly focused on cryptocurrencies that are sold as securities, such as meme coins like Peanut.

The SEC's lawsuit against Binance and Coinbase is likely to have a major impact on the cryptocurrency industry. If the agency is successful, it could effectively shut down the meme coin market and subject all crypto firms to U.S. regulations.

However, the outcome of the lawsuit is far from certain. Binance and Coinbase both plan to vigorously contest the charges, and the case could drag on for years in court.

In the meantime, the cryptocurrency market will continue to operate, and traders and investors will be closely watching the case and any new developments.

As the SEC's lawsuit unfolds, it is clear that the legal battle over the future of meme coins and the cryptocurrency industry as a whole has begun.