PENGU Price Prediction: Can PENGU Trade Above $0.4 In January?

PENGU price has surged more than 9% in the last 24 hours, reclaiming the $2 billion market cap threshold. This rally solidifies its position as the second-largest meme coin on Solana, trailing BONK closely in a fierce competition for the top spot.

PENGU price is up over 9% in the last 24 hours, continuing its rally after reclaiming the $2 billion market cap threshold. However, technical indicators like the ADX and RSI suggest that while PENGU is rising, its trend is not yet fully established.

As the second-largest meme coin on Solana, PENGU is closely trailing BONK in a competitive race for the top spot.

Here's a closer look at PENGU's technicals and what they might indicate for the upcoming week.

PENGU Current Trend Isn’t Established Yet

The PENGU ADX has dropped to 15.5 from 20.5 over the past day. This decrease in trend strength might be surprising given PENGU's price attempts to form an uptrend.

However, the ADX remaining below 20 suggests that the trend is not yet fully established.

For context, the ADX measures the strength of a trend on a scale from 0 to 100. A value below 20 indicates a weak or non-existent trend, while values above 25 suggest a stronger, more defined trend.

PENGU’s ADX at 15.5 reflects the uncertainty in its price movement. Specifically, the uptrend that PENGU is trying to form lacks sufficient support to gain traction.

For a clear bullish breakout, the ADX would need to rise above 25. In addition, increased buying pressure would be required to confirm the emergence of a stronger trend.

Until then, PENGU may remain in a consolidation phase, maintaining its position in the top 10 among the biggest meme coins.

PENGU RSI Increased Fast After Touching the Oversold Zone

The PENGU RSI has risen sharply to 49.8 from 28.9 in just one day. This large increase in the RSI might indicate a rapid recovery from oversold conditions.

As a quick recap, the RSI measures the speed and magnitude of price changes on a scale from 0 to 100. An RSI below 30 indicates oversold conditions, often signaling the potential for a rebound. On the other hand, an RSI above 70 signals overbought conditions.

With PENGU’s RSI now at 49.8, the price is in a neutral zone, leaning slightly bullish. This level suggests that further price recovery is possible, but sustained momentum will be crucial to push the RSI into bullish territory above 50.

Conversely, failing to maintain momentum could lead to consolidation or renewed selling pressure.

PENGU Price Prediction: Can PENGU Trade Above $0.4 In January?

The PENGU price is currently trading within a range, with support at $0.031 and resistance at $0.034. If the uptrend strengthens, PENGU could break above the $0.034 resistance, paving the way for a test of $0.04 and potentially $0.0439.

This move could further intensify the competition between PENGU and BONK to become Solana’s biggest meme coin.

However, if the uptrend fails to materialize and the $0.031 support is lost, PENGU price could decline to $0.029. A stronger downtrend could push the price even lower, potentially testing $0.025.