PENGU Token Associated with Pudgy Penguins NFT Project Continues Its Downward Spiral, Plummeting by 33% in the Past 24 Hours

The newly launched PENGU token, associated with the Pudgy Penguins NFT project, has continued its downward spiral, plummeting by an additional 33% in the past 24 hours.

The price of the newly launched PENGU token, which is linked to the Pudgy Penguins NFT project, has continued to decrease, falling by an additional 33% in the past 24 hours.

After its airdrop on December 17, PENGU’s price dropped 57%, falling from its launch price of $0.068 to $0.043 amid heavy selloffs. As reported by BeInCrypto, the token’s market capitalization also decreased significantly, sliding from $4.32 billion to $3.07 billion.

This decline has intensified over the past 24 hours, with PENGU plummeting another 33% to trade at $0.030 at press time, solidifying its position as the market’s biggest loser.

An analysis of its performance on an hourly chart highlights the persistent selloff. For instance, PENGU’s Relative Strength Index (RSI) is below the 50 neutral line and in a downward trend at 42.18.

The RSI indicator measures an asset’s overbought and oversold market conditions, with its values ranging between 0 and 100. Values above 70 indicate that the asset is overbought and due for a correction, while values below 30 suggest that the asset is oversold and may witness a rebound.

PENGU’s RSI readings of 42.18 indicate that it is in the lower range of the neutral zone, suggesting a bearish or weakening momentum but not yet oversold. This reflects that the current selling pressure among market participants outweighs the buying pressure.

Furthermore, the token’s negative Chaikin Money Flow (CMF) confirms this bearish outlook. At press time, it sits at -0.23.

The CMF indicator measures the strength of buying and selling pressure by analyzing the relationship between price and volume over a specific period. As with PENGU, when an asset’s CMF is negative, selling pressure dominates, suggesting distribution as traders are offloading the asset rather than accumulating it.

PENGU Price Prediction: Will It Hold Support or Slide to New Lows?

PENGU currently trades above the $0.026 price level, which represents its lowest price point since the token launched. If its holders continue to sell their airdropped tokens, its price may fall to this support level. Should it fail to hold, PENGU’s price may extend its decline to new lows.

However, if market sentiment shifts from negative to positive, the altcoin may begin an uptrend and rally toward $0.37, invalidating the above bearish outlook.