Pudgy Penguins (PENGU) Continues to Face Selling Pressure, Falling 3.54%

Pudgy Penguins' native token, PENGU, continues to face selling pressure, falling 3.54% over the past 24 hours despite a sharp surge in trading volume.

Pudgy Penguins' native token, PENGU, continues to face selling pressure, falling 3.54% over the past 24 hours despite a sharp surge in trading volume. The token is now priced at $0.005065, down from earlier intraday highs of $0.005246.

Briefly dipped below the $0.005 mark before recovering during the session, highlighting increased volatility across lower timeframes. According to CoinMarketCap data, PENGU's 24-hour trading volume soared by 31.67% to $61.03 million. The trading surge coincides with a declining price trend, which might be attracting the attention of short-term traders or investors who are repositioning.

At the time of writing, Pengu's market capitalization is reported at $318.4 million, with a fully diluted valuation (FDV) of $450.25 million. Circulating supply figures have reached 62.86 billion Pengu, while the total supply is capped at 88.88 billion. The volume-to-market cap ratio is at 19.2%, suggesting high liquidity levels relative to market capitalization.

Currently, Pengu is trading lower than the price it had at the first day of its launch, for which it had a strong trading volume. The token was launched on December 17, 2024, and it went through high volatility and reached a peak of $0.05738 at the end of the day. But the price dropped in the subsequent days and recorded a low of $ 0.02302 on December 20.

This token might undergo further retracement if the RSI goes below 30 and the MACD fails to present a bullish divergence. Conversely, if RSI begins to trend higher or if MACD produces a bullish crossover then the tide is turned in the favor of buyers.

Technical Indicators Reflect Bearish Continuation

Short-term indicators suggest that Pengu remains under bearish pressure. On the 4-hour chart, the Relative Strength Index (RSI) stands at 33.23, still close to oversold territory, which is at 30. The RSI line is currently below its signal line, which is at 33.02, indicating weaker buying interest.

The Moving Average Convergence Divergence (MACD) indicator also aligns with the ongoing downward momentum. The MACD line and the signal line are both positioned at -0.000287, with the histogram showing minimal activity around the zero mark.

The price trend has been negative since late March, forming a pattern of lower highs and lower lows. The short-term outlook remains cautious with RSI nearing oversold territory and no bullish signals emerging from MACD.