The price of Podgy Penguins (PENGU) has surged 12% in the past 24 hours, surpassing Punk to become the largest meme coin in the Solana ecosystem with a market cap of nearly $2.5 billion.
PENGU’s current uptrend places the coin near key resistance levels, with significant gains possible if the upward momentum continues. However, traders are cautious about a possible reversal as the uptrend is showing early signs of losing steam.
PENGU's RSI is now neutral after reaching 70.
PENGU’s Relative Strength Index (RSI) is currently at 60.2, down from 70 a few hours ago after rising from below 50 just two days ago. This recent move reflects a strong surge in buying momentum, followed by a slight pullback as the token falls out of overbought territory.
While the RSI remains in a neutral to bullish range, a decline indicates a slowdown in buying activity, which may indicate that the market is entering a consolidation phase.
The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and magnitude of price movements on a scale of 0 to 100. An RSI above 70 indicates overbought conditions, which often leads to a correction in price, while an RSI below 30 indicates oversold conditions, which indicates a potential bounce.
With PENGU’s RSI at 60.2, the coin is in a healthy range, suggesting that there is still room for upward movement if buyers regain control. However, the recent decline from overbought levels suggests that PENGU price may stabilize in the short-term, allowing the market to absorb gains before determining its next direction.
PENGU CMF is still very positive
PENGU's Chaikin Money Flow (CMF) indicator is currently at 0.17, down slightly from its peak of 0.21 on December 25. This follows a significant shift from negative CMF values between December 21 and December 23, indicating that buying pressure has strengthened significantly over the past few days.
While the CMF remains strongly positive, the slight decline indicates that capital inflow intensity has eased but still reflects a bullish market environment.
The CMF is a volume-weighted indicator that measures the accumulation or distribution of an asset over time, with values ranging from -1 to +1. Positive CMF values indicate accumulation and strong buying pressure, while negative values indicate distribution and selling activity.
With PENGU’s CMF at 0.17, the continued positive flow suggests that buyers are maintaining control, supporting the possibility of price stabilization or additional gains in the short term. However, the slight decline from the recent peak could indicate a potential consolidation period as the market balances out the recent bullish momentum.
Pudgy Penguins Price Prediction: Further Upside of 29.7%?
If the current uptrend continues, PENGU price could soon test $0.43, a key level that could pave the way for further gains.
Breaking this resistance could lead PENGU to rise to $0.45 and even $0.50, indicating a potential upside of 29.7% from current levels. This would further strengthen PENGU’s position as the largest meme coin on Solana.
However, as highlighted by the RSI and CMF, the uptrend may be losing steam, indicating a possible reversal. If this happens, PENGU may test the $0.37 support level, and if it fails to hold, the price may drop further to $0.30.
In a worst-case scenario, a prolonged downtrend could push PENGU price to a low of $0.229.
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