CandleFocus

Pudgy Penguins (PENGU) Price Hits Fresh Lows After Losing 10% in a Day

Author: Content Editor
The PENGU token has experienced a significant decrease in price, dropping over 10% in the past 24 hours due to selling pressure in the broader cryptocurrency market. It is approaching a critical support level at $0.0229, which will determine its short-term trajectory. If it breaks below this level, further declines may occur, potentially pushing the price below $0.020. However, if buyers regain control and momentum shifts, the price could target resistance levels at $0.030, $0.034, and $0.039, offering a 56% upside from the current price. The Relative Strength Index (RSI) for PENGU is currently at 48.95, indicating that the price is neither oversold nor overbought. This recovery from extreme oversold levels below 20 suggests that selling pressure has eased. Approximately 48% of the total PENGU supply allocated for an airdrop has been claimed, leaving a significant portion still unclaimed, potentially adding selling pressure to the market. The unclaimed tokens could act as an overhang on the price if a large number are sold in a short period. The critical support level at $0.0229 is important for buyers to defend in order to prevent further bearish momentum. On the upside, if strong buying interest and a reversal in market sentiment occur, the price could target resistance levels at $0.030, $0.034, and $0.039, representing a 56% upside from current levels.

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