Pudgy Penguins (PENGU) has declined 5.74% to $0.00658, with analysts highlighting a bearish pennant breakdown on its charts. Derivatives data shows weakening momentum, with volume and open interest falling sharply alongside negative funding rates and significant long liquidations.
The cryptocurrency Pudgy Penguins (PENGU) is trading at $0.00658, down 5.74% over 24 hours. Trading volume decreased 4.92% to $77.13 million, though the token maintains a 4.13% gain over the past week.
Analysts note a bearish pennant pattern formed on the H4 chart, which subsequently broke down. This pattern has increased concern about near-term price direction for the token.
Analyst CryptoPulse pointed out a fair value gap between $0.0068 and $0.0069, identifying it as a potential short area. The analysis suggests a target of $0.0060 with a stop-loss placed above the breakdown candle.
Another analyst, Crypto Ryan, mentioned he is watching the $0.0056 to $0.0059 zone for potential long entries. He cautioned that PENGU must hold above the weekly trendline to maintain its position.
Derivatives data from CoinGlass shows a 12.21% decline in volume to $133.85 million and a 9.31% drop in open interest to $57.91 million. The open interest-weighted funding rate is -0.0015%.
Total liquidations over 24 hours reached $511.82 thousand, with long positions accounting for $487.87 thousand of that amount. Short liquidations totaled $23.95 thousand.
Technical indicators reflect weakening momentum. The Relative Strength Index (RSI) is at 40.02, with its signal line at 37.03, indicating a lack of oversold conditions and limited buying strength. The Moving Average Convergence Divergence (MACD) also shows a mild decline, with its histogram reading -0.000804.
