The Pudgy Penguins price plummeted over 23% in the last 24 hours to trade at $0.02406 as of 6:13 a.m. EST as investors dump their holdings in the recently-launched crypto.
Despite the recent pullback, the PENGU price is still up more than 380% since its launch earlier this week.
Pudgy Penguins Price Loses A Key Support
1-hour chart for PENGU/USD (Source: GeckoTerminal)
The Pudgy Penguins price dropped below the support level at $0.02590 in the last couple of hours and seems to have formed a new support at around $0.02199. Should the meme coin fall below this new technical safety net, it could stand the risk of dropping even further in the coming 24 hours.
However, a bounce from the $0.02199 support might lead to the Pudgy Penguins price reclaiming a position above the $0.02590 mark in the short term. Thereafter, traders might go long on the crypto, which could push PENGU above the next major barrier at $0.03451. In an extremely bullish case, the Pudgy Penguins price might soar to as high as $0.04260.
Bears Still Have A Tight Grip On The Pudgy Penguins Price
Momentum still seems to favor bears, with Exponential Moving Averages (EMAs) and the Relative Strength Index (RSI) on the 1-hour chart showing sellers have an upper hand against buyers.
The current RSI reading at just above 30 signals a lot of bearish strength, which could lead to the Pudgy Penguins price dropping even more in the coming 24 hours if sellers decide to keep exerting pressure on the meme coin.
Meanwhile, a major bearish technical flag was triggered by the 9 and 20 EMA on the hourly chart in the last few hours. After dropping below the $0.03451 mark yesterday, the 9 EMA crossed below the 20 EMA line as well. Traders often see this as a sign that an asset has entered a negative cycle.
Since the two EMAs crossed, the Pudgy Penguins price has been consistently pushed down by the two technical indicators. A descending price channel has also formed on the meme coin’s charts after the crypto’s price recorded lower lows and lower highs in the last couple of days.
Overall, there are a few technical obstacles that PENGU will need to overcome before it can start to rise.
With the array of technical barriers currently standing in PENGU’s way, investors may want to pivot to the new Solana meme coin rival Solaxy (SOLX), which recently surpassed the $3.4 million mark in its red-hot presale.
The crypto’s strong ICO performance comes amid a series of bullish SOLX predictions by multiple crypto experts. Among the analysts that forecast great things in the project’s future is popular YouTuber ClayBro, who told his more than 133K subscribers in a recent video that Solaxy could turn investors into millionaires.
Taking The Solana Network To The Next Level With Dedicated Scaling Technology
Solaxy is a pioneering project in the fact that it is the first layer-2 network for the Solana blockchain. With the hype around meme coins this year combined with Solana being the network of choice for developers because of its speed and low fees, the lightning-quick blockchain network has come under severe computational stress.
Solana has already suffered a few outages, with the most recent being earlier this year. If something does not change soon, the popular meme coin host could once again come to a standstill.
This is where Solaxy comes in. With its native layer-2 network, the project will ease the computational workload on the Solana blockchain. Additionally, Solaxy will also increase transaction speeds and lower network fees.
FIRST L2 on SOLANA ? sign me up already $SOLX ( @SOLAXYTOKEN )
~ Multi-chain potential (cross chain transactions possible in future)
~ fast transaction with little or no congestion on sol
~ presale is currently live
~ high staking rewards
~ Presale price increases with… pic.twitter.com/1GeGW84LRs
— JUSTICΞ 🫶🏽⭕️ (@offshoda) December 19, 2024
While its initial focus will be to scale the Solana network, Solaxy has ambitious plans to combine Solana’s impressive speeds and low fees with Ethereum’s thriving decentralized finance (DeFi) ecosystem and robust security framework to create a super ecosystem.
To achieve this, Solaxy will deploy its native token to both Ethereum and Solana in addition to its own chain. This positions the new project to become an optimized value transfer highway between two of the most prominent networks in the Web3 space.
SOLX will subsequently benefit given its central role in this envisioned super blockchain ecosystem.
High Staking Rewards Are Pulling Investors In
Its layer-2 capabilities and Solana focus are not the only factors that have excited investors. There is also a huge 1,091% staking APY currently on offer to presale buyers.
To get in on these rewards, investors can purchase SOLX tokens via the widget embedded on the project’s website using either ETH, USDT, BNB or bank card.
Once bought, investors can then lock up their tokens through the staking page on the website to unlock access to the staking rewards.
Purchase and stake SOLX here for the 1,091% APY.
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