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Pudgy Penguins (PENGU) Price Surges 6% Amid Selloffs

Pudgy Penguins (PENGU) has emerged as the market’s top gainer, rising 6% in the past 24 hours. The meme coin is currently trading at $0.025. However, the price increase has triggered a wave of selloffs, raising doubts about the sustainability of its recent gains.

Investors Sell Amid PENGU’s Price Rally

PENGU’s spot market experienced significant outflows on Thursday, signaling profit-taking among holders. Data from Coinglass shows that investors offloaded approximately $1.14 million worth of the token.

PENGU Spot Inflow/Outflow. Source: Coinglass

When spot outflows occur during a price rally, it typically means holders are cashing in on their gains. This trend indicates a lack of long-term confidence in the asset’s upward movement.

Bearish Signals from Technical Indicators

At press time, PENGU’s Chaikin Money Flow (CMF) indicator stands at -0.19 on the daily chart. This negative reading forms a bearish divergence with the token’s rising price, suggesting a potential reversal.

PENGU CMF. Source: TradingView

The CMF metric tracks the inflow and outflow of money over a period, revealing buying or selling pressure. A negative CMF during a price rally suggests weak buying interest, increasing the likelihood of a downturn.

PENGU Price Prediction: Will It Drop or Rally?

Currently, PENGU is trading slightly above its all-time low of $0.022. If buying interest weakens further, the token’s price could retest this support level.

However, if demand strengthens, the meme coin might climb toward the $0.030 mark, invalidating the bearish outlook.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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