PENGU price has increased more than 9% in the past 24 hours, regaining a market capitalization of $2 billion. This price increase solidifies its position as the 2nd largest Meme Coin on Solana, competing fiercely with BONK for the top spot.
Technical indicators such as ADX and RSI suggest that momentum is improving, but the current trend is not yet established. As PENGU trades near key support and resistance levels, its ability to maintain upward momentum will determine whether it can continue to challenge BONK or suffer a pullback.
The current trend of PENGU has not been established
PENGU’s ADX fell to 15.5 from 20.5 over the past day, signaling weakening trend strength. With ADX below 20, the market is considered to lack a strong trend, often showing convergence or indecision.
ADX, or average directional index, measures trend strength on a scale of 0 to 100. Values below 20 indicate a weak or non-existent trend, while values above 25 indicate a stronger trend and more clearly. PENGU’s current ADX at 15.5 reflects the uncertainty in its price movement. This implies that the uptrend it is trying to form is not strong enough to build momentum.
For a clear breakout, ADX needs to rise above 25. Additionally, increased buying pressure is needed to confirm the birth of a stronger trend. Until then, PENGU may remain in a consolidation phase, maintaining its position in the top 10 of the largest Meme Coins.
RSI PENGU increased rapidly after hitting the oversold zone
PENGU’s RSI rose sharply to 49.8 from 28.9 in just one day, showing a strong recovery from the oversold state. This increase suggests an increase in buying momentum after a period of sharp selling, bringing the asset closer to neutral territory.
RSI, or relative strength index, measures the speed and magnitude of price changes on a scale of 0 to 100. RSI below 30 indicates oversold conditions, which often signal a recovery. Conversely, an RSI above 70 signals an overbought condition.
With PENGU’s RSI currently at 49.8, the price is in neutral territory, slightly tilted to the upside. This level shows that further price recovery is possible, but maintaining the bullish momentum will be the decisive factor to push the RSI into the bullish zone above 50. Failure to maintain the momentum could lead to a convergence or pressure resale force.
PENGU Price Prediction: Could PENGU trade above $0.40 in January?
PENGU price is currently trading within a range, with support at $0.031 and resistance at $0.034. If the uptrend consolidates, PENGU could break the $0.034 resistance, paving the way for a test of $0.04 and possibly $0.0439.
However, if the uptrend fails to materialize and the $0.031 support is lost, PENGU price could drop to $0.029.
A stronger downtrend could push the price even lower, possibly testing $0.025.