The price of PENGU, Solana's biggest meme coin, has dropped by around 10% in the last 24 hours. Technical indicators, such as the Relative Strength Index (RSI), suggest potential consolidation or further downside for PENGU. The RSI has fallen from an overbought level of 70 to 52.3, indicating reduced buying pressure. A drop below 50 could indicate a waning bullish sentiment, potentially leading to more consolidation or minor declines. The coin's Average Directional Index (ADX) has risen, indicating increasing trend strength. However, the directional indicators suggest weakening bullish momentum and growing bearish activity. If selling pressure increases and bullish momentum weakens further, PENGU could face a bearish reversal in the short term. The coin's EMA lines currently suggest a bullish setup, but recent price action suggests a potential downtrend. However, if the hype surrounding PENGU revives, it could retest resistance levels and potentially surpass $0.05 for the first time.



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