Pudgy Penguins (PENGU) has exhibited a notable decline, trading at $0.01393. This article reviews key metrics and market conditions.
Current Metrics of Pudgy Penguins
Currently, Pudgy Penguins (PENGU) is trading at $0.01393, reflecting a daily decline of 8%. The project has a market capitalization of $876.02 million, marking a decrease of 5.59%. The project's fully diluted valuation stands at $1.23 billion, with 62.86 billion PENGU tokens in circulation out of a total supply of 88.88 billion. The 24-hour trading volume has plummeted by 51.74% to $265.69 million.
Technical Analysis and Outlook
The short-term trend of PENGU reflects cautious optimism, with resistance located at around $0.01432, slightly above its current price. Support is around $0.01328. A move above resistance could push the token towards $0.0155, while a breach below support may risk retesting the $0.012 level. The Relative Strength Index (RSI) is at 57.14, suggesting mild bullishness, while the average RSI trails at 65.08, indicating that recent momentum may have peaked. If RSI crosses above its average again, it could rekindle buying pressure. Both values remain below 70, allowing for avoidance of overbought conditions. A bullish crossover occurred in the moving averages, hinting at a short-term upward trend; however, the recent drop in volume calls for caution.
Conclusions and Summary
If PENGU token holds above $0.0135, it could aim to break its recent top. Conversely, slipping under $0.0132 might pave the way for short-term declines. The current phase indicates consolidation with the potential for reversal if market participation rises.
Pudgy Penguins continues to face price pressure; however, there is a chance for recovery if market conditions shift positively.
