- Pudgy Penguins is facing extreme bearish pressure on the daily technical charts.
- PENGU price is down by almost 11% in the last 24 hours, suggesting bearishness.
Pudgy Penguins (PENGU) is undergoing intense bearish pressure on the daily technical chart, and the meme coin has been experiencing a build-up of selling pressure that has led to an 11% decline in the past 24 hours as per CoinMarketCap data. The token is trading at $0.03188, and it has been very volatile as it has been the case in the recent past.
The technical indicators show a mixed but mostly bearish picture on PENGU. The MACD is now negative, and this indicates a weakening momentum and further downside pressure. This bearish cross in the MACD is quite alarming since it is a precursor to prolonged selling. In the meantime, the Relative Strength Index (RSI) is at 48.52, indicating that the asset is neither oversold nor overbought but is closer to the lower end of the neutral range.
Although the bearish momentum is still in force, PENGU is still supported technically since it is trading above both the 50-day and 100-day Exponential Moving Averages (EMAs). The 50-day EMA is at the level of $0.03112, whereas the 100-day EMA is at the level of $0.02515. These moving averages are now acting as important support zones that have the potential to halt the ongoing downfall.
What Next For PENGU Price?
The technical picture is also alarming as PENGU is moving in a descending pattern on the daily chart. The bearish pattern, together with the negative sentiment indicator, indicates that selling pressure could persist in the near-term. The sentiment analysis indicates negative values, which indicates the pessimistic attitude of market participants towards the short-term future of the token.
A decisive moment is approaching PENGU traders and investors. In the event of the price falling below the 50-day EMA support level at $0.03112, then it may cause further selling pressure and even test the 100-day EMA at $0.02515. This would probably fuel the bearish trend further and cause an extension of the downside.
The existing market structure indicates that PENGU is in a critical phase, whereby it is important to keep the price above the key moving averages to prevent further decline. These are the support levels that traders need to pay close attention to in order to determine the strength of any possible bounce or continuation of the current bearish trend and the accompanying volume patterns.
Highlighted Crypto News Today:
SOL Breakout Battle: Can Bulls Push Solana Past $211 for a $222 Run?
Source: https://thenewscrypto.com/bearish-storm-hits-pudgy-penguins-as-technical-indicators-flash-red/
