The price of Pudgy Penguins (PENGU) has risen by over 9% in the past 24 hours, accompanied by a 150% increase in trading volume. This has caused PENGU to become the second-largest meme coin on the Solana blockchain, with a market cap of $2 billion. Despite the recent surge in price, technical indicators such as the Relative Strength Index (RSI) and the Average Directional Index (ADX) suggest a cautious and neutral market outlook. PENGU's RSI is currently at 51, indicating a slight decline in buying pressure but still remaining in the neutral zone. The ADX is at 20.3, showing a weakening trend strength. In the short term, the price of PENGU may experience limited volatility unless there is a significant shift in buying or selling pressure. If the current uptrend continues, PENGU's price could test the resistance level at $0.043 and potentially reach its previous all-time highs. On the other hand, a reversal in the trend could lead to a sharp correction, with the critical support level at $0.025 needing to hold to prevent further declines.



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