Pudgy Penguins (PENGU) price has surged 12% in the last 24 hours, surpassing BONK to become the largest meme coin in the Solana ecosystem with a market cap of approximately $2.5 billion.
PENGU’s current uptrend positions it near key resistance levels, with the potential for significant gains if bullish momentum persists. However, traders are also cautious of a possible reversal, as the uptrend shows early signs of losing strength.
PENGU RSI Is Now Neutral, After Touching 70
PENGU Relative Strength Index (RSI) is currently at 60.2, down from 70 just a few hours ago after climbing from below 50 only two days ago. This recent movement reflects a strong surge in buying momentum, followed by a slight pullback as the token dipped out of overbought territory.
While the RSI remains in a neutral-to-bullish range, the decline suggests a cooling of buying activity, potentially indicating that the market is entering a consolidation phase.
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, often leading to a price correction, while an RSI below 30 suggests oversold conditions, signaling a potential rebound.
With PENGU’s RSI at 60.2, the coin is in a healthy range, suggesting there is still room for upward movement if buyers reassert control. However, the recent decline from overbought levels implies that PENGU price may stabilize in the short term, allowing the market to absorb gains before deciding its next direction.
PENGU CMF Is Still Very Positive
PENGU Chaikin Money Flow (CMF) is currently at 0.17, down slightly from its peak of 0.21 on Dec
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Author: Tiago Amaral
