PENGU recorded double-digit gains in the last 24 hours, joining the broader meme coin rally. The token surged 10.7% as altcoins delivered mixed signals across the market.
With meme coins’ collective market capitalization climbing 5% to $80.9 billion, PENGU stood out among the top performers.
Pudgy Penguins Have Investors’ Support
The Relative Strength Index (RSI) is currently sitting above the neutral 50.0 mark, signaling bullish momentum. This technical setup suggests that PENGU price could continue pushing higher in the near term as investor confidence builds around meme assets.
Momentum indicators highlight growing buying pressure, a necessary component for sustaining short-term rallies. If RSI strength persists, PENGU could maintain its trajectory toward higher levels.
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The Chaikin Money Flow (CMF) indicator has climbed back into the positive zone above the zero line. This uptick highlights strong inflows into PENGU, pointing to renewed investor interest in meme coins despite broader market uncertainty.
Sustained inflows are critical for PENGU, as meme coins rely heavily on momentum and sentiment. The CMF’s rise suggests traders are directing capital toward the asset, reinforcing its position as one of the most active meme coins of the day.
PENGU Price Is Not Noting Gains
At the time of writing, PENGU is trading at $0.0376 after its 10.7% rally. The token is attempting to flip this level into support while targeting the resistance at $0.0404, which could serve as the next milestone in its upward push.
Given strong RSI and CMF readings, PENGU has a realistic chance of sustaining this momentum. The indicators suggest backing from both retail traders and market inflows, bolstering optimism for further gains beyond the immediate resistance.
However, downside risks remain. If broader market conditions turn bearish, PENGU could fail to hold current levels. A breakdown through $0.0363 could send the token lower to $0.0334, invalidating the bullish outlook and erasing part of its recent gains.
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