The price of PENGU has jumped over 9% within the past 24 hours, pushing it back above the $2 billion market capitalization mark. This surge strengthens its standing as the second-largest meme coin on the Solana network, with BONK leading the way by a narrow margin in a tight race for the number one position.
Although technical indicators such as ADX and RSI seem to indicate strengthening momentum, they also signal that the trend hasn’t yet been fully established for PENGU. With PENGU trading close to significant support and resistance points, its capacity to maintain this upward push will decide whether it can persist in challenging BONK or encounter a possible reversal.
PENGU Current Trend Isn’t Established Yet
Pengu ADX has decreased from 20.5 to 15.5 within the last day, suggesting a weakening trend momentum. When ADX falls below 20, it typically indicates that the market is lacking a clear directional trend, which can be a sign of consolidation or uncertainty.
This decrease occurs since the PENGU price is trying to shape an upward trajectory, implying that although purchasing power might be gaining traction, it’s not robust enough yet to create a definite and enduring uptrend.
The Average Directional Index (ADX) gauges the strength of a market trend, ranging from 0 to 100. An ADX below 20 suggests a weak or nonexistent trend, while an ADX above 25 indicates a stronger, more defined trend. At present, PENGU’s ADX stands at 15.5, signaling uncertainty in its price direction, indicating that the potential uptrend it is attempting to establish may not have enough backing to pick up momentum.
To have a convincing bullish breakout, it’s important for the ADX (Average Directional Movement Index) to climb over 25. Moreover, substantial buying pressure is necessary to validate the appearance of a more robust trend. Until this happens, PENGU might continue in a holding pattern, maintaining its position among the leading meme coins in the top 10.
PENGU RSI Increased Fast After Touching the Oversold Zone
In just a single day, PENGU RSI surged significantly from 28.9 to 49.8, suggesting a robust rebound from undersold levels. This spike in value hints at an increase in purchasing activity following a prolonged selling phase, bringing the asset nearer to a balanced state.
The notable increase indicates a change in the market’s overall attitude, as buyers are gradually regaining ground previously held by sellers.
The Relative Strength Index (RSI) gauges how quickly and intensely prices are fluctuating, ranging from 0 to 100. If the RSI is less than 30, it usually suggests that the market is oversold, potentially signaling a forthcoming rebound. Conversely, when the RSI exceeds 70, it typically means that the market is overbought, which could signal a possible correction or downturn.
As a researcher analyzing PENGU’s current market position, I find that its Relative Strength Index (RSI) stands at 49.8, indicating a neutral zone with a slight bullish tilt. This implies that there’s potential for further price recovery, but it’s essential to maintain momentum to drive the RSI above 50 and solidify a bullish trend. Conversely, if we fail to sustain this momentum, we might see price consolidation or even increased selling pressure.
PENGU Price Prediction: Can PENGU Trade Above $0.4 In January?
At the moment, the price of PENGU is moving between a set limit, with a floor at $0.031 and a ceiling at $0.034. If the upward trend becomes stronger, it’s possible that PENGU might surpass the current resistance level of $0.034, which could lead to a challenge of $0.04 and even $0.0439 in the future.
Making this move might lead to an increased rivalry between Pengu and Bonk, as they strive to establish themselves as Solana’s most popular meme token.
If the upward trend doesn’t occur as expected and the support at $0.031 gives way, it’s possible that the PENGU price might drop down to $0.029 instead.
A stronger downtrend could push the price even lower, potentially testing $0.025.
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2025-01-15 00:31