PENGU Drops to Record Lows as Bearish Trend Strengthens
PENGU hits record lows as bearish momentum grows, with technical indicators signaling further downside unless buying pressure reverses the trend.
The PENGU token has suffered a sharp decline, hitting its lowest point since launch. Once the top meme coin on Solana, it has now fallen behind TRUMP, BONK, and DOGWIFHAT in rankings.
Technical indicators show that selling pressure is intensifying. The Ichimoku Cloud suggests a strong bearish trend, with the price trading below key support levels. Both short-term and long-term indicators reflect weakness, with no immediate signs of a recovery. The red cloud is expanding downward, confirming continued negative momentum.
The Directional Movement Index (DMI) also points to a strengthening downtrend. The ADX, which measures trend strength, has risen significantly, indicating growing momentum behind the current price movement. Meanwhile, the +DI, which represents buying pressure, has dropped sharply, while the -DI, signaling selling dominance, has surged. This shift suggests that bearish sentiment is increasing, making it harder for the token to reverse its trend.
With market conditions showing no immediate signs of improvement, PENGU remains under heavy selling pressure. Analysts believe that unless momentum shifts, the token could continue to test new lows. However, if buyers step in and support key price levels, there is potential for a trend reversal, which could lead to a retest of previous resistance levels.
For now, traders are watching closely to see if PENGU can stabilize or if the decline will continue. The token's performance in the coming days will determine whether it can regain ground or if selling pressure will push it even lower.
