PENGU Price Drops 10%, Faces Threat from BONK
After becoming Solana’s largest meme coin, the price of PENGU has fallen by approximately 10% in the past 24 hours. Despite its recent popularity, the asset’s momentum has slowed, with technical indicators pointing to possible consolidation or further declines.
Relative Strength Index (relative strength index) fell sharply from 70 to 52.3, indicating easing buying pressure. However, if the PENGU hype reignites, it could regain upward momentum and test key resistance levels.
PENGU RSI is falling fast
Relative Strength Index (RSI) promise It is currently at 52.3, down sharply from yesterday’s overbought level of 70. RSI is a widely used momentum indicator that measures the speed and magnitude of price changes on a scale from 0 to 100.
Values above 70 typically indicate overbought conditions, indicating a potential pullback, while values below 30 indicate oversold conditions, often signaling a possible recovery. An RSI around 50 indicates neutral momentum and relatively balanced buying and selling pressure.
PENGU’s RSI is currently at 52.3, which indicates a period of consolidation in the short term. This level reflects reduced buying activity compared to recent highs, but still maintains a slight bullish bias. If the RSI remains stable or moves higher, it could signal a resumption of upward momentum.
Conversely, further declines below 50 could signal weakening bullish sentiment, which could lead to further price consolidation or a slight decline. If this happens, PENGU may be surpassed by BONK Solana largest meme coin.
PENGU DMI chart shows downtrend could get stronger
promise The Average Directional Index (ADX) is currently at 36.6, up sharply from 20 three days ago. ADX measures the strength of a trend on a scale of 0 to 100, with values above 25 indicating a strong trend and values below 20 indicating weak or lack of momentum.
A rising ADX indicates increasing trend strength, regardless of whether the trend is bullish or bearish.
At the same time, directional indicators can provide insight into the nature of the trend. +DI, which represents buying pressure, has fallen to 25.4 from 35 a day ago, indicating that bullish momentum is weakening. Conversely, -DI, which reflects selling pressure, has risen from 8.4 to 14.6, indicating increasing bearish activity.
If +DI continues to fall and -DI rises further, penguin price More selling pressure is likely, confirming a bearish reversal in the near term.
PEGU Price Prediction: Will It Fall Below $0.03 Again?
promise The EMA lines are currently indicating bullishness, but recent price action suggests that the coin may be entering a downtrend. If bearish momentum builds, PENGU may test support at $0.034.
Failure to hold this level could lead to further losses, with $0.0296 and $0.0251 emerging as key levels to watch. The latter is close to PENGU’s all-time low.
PENGU, on the other hand, has attracted a lot of attention in recent weeks, entering the top ten of the biggest. Meme Coin. If the hype surrounding the coin heats up again, PENGU may retest the $0.0439 resistance level.
A break above this level, coupled with fresh bullish momentum, could push penguin price Exceeded $0.05 for the first time.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
