PENGU Shows Signs of Profit-Taking Amid Price Rallies, Potentially Facing Support Levels at $0.022

  • Pudgy Penguins (PENGU) has surged by 6% in 24 hours; however, a significant selloff suggests profit-taking among traders amidst the rally.

  • Despite the upward movement, the Chaikin Money Flow (CMF) at -0.19 indicates weak buyer enthusiasm, hinting at potential price reversals.

  • Currently trading at $0.025, PENGU faces possible declines toward $0.022 unless buyer interest surges, which could elevate prices to $0.030.

Latest insights on PENGU reveal a surge in price accompanied by profit-taking actions, indicating mixed signals for future price movements.

Pudgy Penguins Investors Cash Out Amid Price Rallies

The recent spike in PENGU’s price has attracted attention, but it also triggered substantial selloffs, totaling $1.14 million in outflows on Thursday according to Coinglass. This behavior raises questions about the sustainability of the rally as traders opt to secure profits rather than hold for future gains.

Typically, outflows during a price rise can reflect a lack of conviction among holders about maintaining their positions. In such environments, traders often opt to liquidate assets at profitable levels, indicating possible price instability ahead.

PENGU Spot Inflow/Outflow. Source: Coinglass

At this moment, PENGU’s CMF stands at -0.19, representing a bearish divergence in contrast to the recent price increases. The CMF, which evaluates the net flow of money into or out of a financial instrument, highlights concerns about the strength of the rally.

A negative CMF suggests that while the price may be moving higher, there is insufficient buying momentum to support such a trend, which could lead to subsequent corrections in price.

PENGU CMF. Source: TradingView

PENGU Price Outlook: Potential Drop to Historical Lows

Currently, PENGU is trading at $0.025, hovering just above its all-time low of $0.022. If buying momentum decreases, the price might revisit this critical support level shortly.

PENGU Price Analysis. Source: TradingView

Conversely, a surge in buying interest could potentially push PENGU’s price towards $0.030, invalidating a bearish outlook if demand sharply rises.

Conclusion

In summary, while Pudgy Penguins show short-term gains, the accompanying profit-taking and weak buying signals raise caution regarding future price sustainability. Investors should closely monitor market trends and trading volumes to gauge PENGU’s potential direction amidst this uncertain landscape.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

US Bitcoin Spot ETFs Record $51.3M Net Outflow on Sept 18 — BlackRock’s BIT +$149.7M vs Fidelity’s FBTC -$116M

COINOTAG reported on September 18, citing Farside Investors data,...

Ethereum (ETH) Whale Buys 25,000 ETH for $112.34M in USDC at $4,493 Following Fed 25bp Rate Cut

On September 18, COINOTAG News reported, citing LookIntoChain monitoring,...

Whale Profits $74.92M Scalping ETH — Buys 18,000 ETH with $80.77M USDC via Wintermute, Sparking Rebound to $4,600

COINOTAG reported on September 18 that on-chain analyst yujin...

BlockBeats: ‘Buddy’ Holds 20,400 ETH Longs — $4.23M Floating Profit Across ETH, PUMP & HYPE (Sep 18)

COINOTAG reported on September 18 that monitoring data from...

Vitalik Defends Ethereum’s 45-Day ETH Staking Withdrawal Rule: “Friction Upon Exit Is Inherent”

COINOTAG reported on September 18 that Ethereum co-founder Vitalik...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img