Can $PENGU still hold up?
Due to the general selling pressure in the cryptocurrency market, the PENGU price has dropped over 10% in the past 24 hours, reaching a new low. The token is approaching a key support level of $0.0229, which may determine its short-term trend. A drop below this level could push PENGU down to below $0.020, marking further declines.
However, if buyers regain control and momentum shifts, the PENGU price could target resistance levels of $0.030, $0.034, or even potentially $0.039. This would represent a significant increase of 56% from the current price.
PENGU RSI shows neutral zone
The relative strength index (RSI) of PENGU is currently at 48.95, having recovered significantly after previously falling below 20. The RSI is a momentum oscillating indicator used to measure the speed and magnitude of price movements, fluctuating between 0 and 100.
RSI thresholds provide important insights into market conditions. An RSI below 30 indicates oversold conditions, suggesting that the asset may be undervalued and presents potential buying opportunities.
Conversely, an RSI above 70 indicates overbought conditions, suggesting that there may be selling pressure as the asset could be overvalued. Levels between 30 and 70 reflect a neutral situation, typically associated with consolidation or gradual trend development.
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