PENGU Coin Suffers Major Setback with a 26% Drop in 24 Hours
The popular PENGU coin has experienced a significant downturn, plummeting by nearly 26% in the past day to hit its all-time low. Once a leading meme coin on Solana, PENGU has now been overshadowed by TRUMP, BONK, and DOGWIFHAT.
Recent technical analyses, such as the Ichimoku Cloud and DMI, indicate a growing bearish trend, heightening the risk of further price declines. Without a robust reversal, PENGU may continue to establish new bottom levels in the near future.
PENGU's Ichimoku Cloud Paints a Gloomy Picture
The Ichimoku Cloud chart reveals a clear bearish trajectory for PENGU. Price action is currently situated below both the conversion line (blue) and the base line (red), signaling short-term and medium-term vulnerabilities.
The red, downward-sloping cloud (Kumo) corroborates the pessimistic sentiment. Moreover, the lagging span (green) residing beneath the price confirms the prevailing bearish momentum.
To shift the narrative, PENGU's price must breach the conversion line and eventually pierce through or above the cloud. Yet, at present, the Ichimoku indicators persist in reflecting substantial downward pressure.
DMI Signals Indicate Intensifying Downtrend for PENGU
PENGU's DMI chart illustrates a notable uptick in its ADX from 14.6 to 20.16 within a single day, indicative of a strengthening trend.
While an ADX below 20 suggests feeble or ambivalent trends and values surpassing 25 signal robust trends, the recent surge highlights the nascent momentum behind PENGU's downward movement.
Furthermore, the abrupt decline in +DI from 31.4 to 15.49 demonstrates waning bullish momentum, with the surge in -DI from 16.8 to 37.42 reflecting resolute selling dominance.
This shift confirms PENGU's significant downtrend, with bearish pressure mounting. The reinforced ADX implies that the downtrend could endure unless buying activity counters the prevailing sell-offs.
PENGU Price Prospects: Will New Lows Be Tested?
With a current market cap of $1.08 billion, PENGU has dipped to unprecedented levels, slipping below $0.018 for the first time. Originally a prominent meme coin on Solana, it has now been eclipsed by TRUMP, BONK, and DOGWIFHAT.
Given the pessimistic readings from both the Ichimoku Cloud and DMI indicators, the likelihood of PENGU breaching $0.017 seems plausible. The price's sustained position below the cloud and the escalating ADX affirm the strengthening downtrend, with -DI dominance underscoring the prevailing bearish pressure.
However, a shift in momentum coupled with price reclamation of key levels could catalyze a trend reversal, potentially driving PENGU to challenge resistance at $0.022 and open the door to further upside if buying impetus intensifies.