PENGU Plummets: Solana Meme Coin's Market Cap at Risk
PENGU Price Crashes 26%, Market Cap in Jeopardy
The Solana-based meme coin, PENGU, experienced a significant price drop of nearly 26% in the last 24 hours, reaching its all-time low. This dramatic fall has resulted in PENGU being overtaken by TRUMP, BONK, and DOGWIFHAT, losing its top spot among Solana meme coins. Its current market capitalization of $1.08 billion is now under threat.
Technical Analysis Shows Bearish Momentum
Technical indicators paint a concerning picture for PENGU investors. Both the Ichimoku Cloud and the Directional Movement Index (DMI) point towards a strengthening bearish trend.
Ichimoku Cloud Analysis
The Ichimoku Cloud chart displays a clear bearish setup. The price sits below both the conversion and base lines, indicating short-term and medium-term weakness. The red, downward-sloping cloud, combined with the lagging span below the price, confirms dominant bearish momentum. A trend reversal requires PENGU to reclaim the conversion line and move above the cloud, a scenario not currently evident.
DMI Analysis
The DMI chart further supports the bearish outlook. The Average Directional Index (ADX) has risen to 20.16, indicating increasing trend strength. However, the +DI (positive directional indicator) has dropped significantly, showing weakening bullish pressure, while the -DI (negative directional indicator) surged, highlighting strong selling dominance. This combination suggests a strengthening downtrend.
PENGU Price Prediction: Further Downswing Likely?
Trading below $0.018 for the first time, PENGU's future trajectory looks uncertain. The confluence of bearish signals from both the Ichimoku Cloud and DMI suggests a high probability of further price drops, potentially below $0.017. However, a significant shift in buying pressure could lead to a potential recovery, with resistance at $0.022 acting as a key level to watch.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Conduct thorough research and consult a professional before making investment decisions.
Codeum provides comprehensive blockchain security solutions, including smart contract audits, KYC verification, and custom development services to mitigate risks in the crypto space.