tl;dr
The PENGU token, linked to the Pudgy Penguins NFT project, has experienced a sharp decline, dropping by 33% in the last 24 hours after an initial 57% crash post-airdrop. Its market capitalization has also decreased significantly. The token's hourly performance indicators, including the Relative Stre...
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PENGU token plunges 33% in 24 hours, marking a total 50% decline since airdrop
PENGU's RSI at 42.18 indicates bearish momentum and negative CMF confirms selling pressure dominance
PENGU's price at risk of falling to $0.026 support level, potential for uptrend if market sentiment shifts
The PENGU token, linked to the Pudgy Penguins NFT project, has experienced a sharp decline, dropping by 33% in the last 24 hours after an initial 57% crash post-airdrop. Its market capitalization has also decreased significantly. The token's hourly performance indicators, including the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF), suggest a bearish outlook, with selling pressure outweighing buying pressure. PENGU's current price is at its lowest since launch, and if holders continue to sell, it may further decline to new lows. However, a shift in market sentiment could lead to a potential uptrend towards $0.37.
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. This significant decline follows an initial post-airdrop price crash where the token shed over 50% of its value. Readings from the token’s price chart confirm the relentless selloffs, putting it at risk of further devaluation.
After its airdrop on December 17, PENGU’s price plunged 57%, dropping from its launch value of $0.068 to $0.043 amid heightened selloffs. BeInCrypto reported that the token’s market capitalization also shrunk 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 assessment of its performance on an hourly chart reflects the persistent selloff. For example, 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.
Further, 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 currently hovers above the $0.026 price level, representing 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 initiate an uptrend and climb toward $0.37, invalidating the above bearish outlook.