The market-wide blood-red shade has triggered the crypto assets to enter the extreme fear zone. Meanwhile, the dominant token, Bitcoin (BTC), has lost over 6%, trading at $66K, and Ethereum (ETH), the largest altcoin, hovers at around $1.9K after a 7% drop. Among the digital assets, Pudgy Penguins (PENGU) has posted a 7.8% slip in value.
The asset opened the day trading at around $0.006902, and a solid bearish shift has triggered the PENGU price fall toward a low range of $0.005403. At the time of writing, Pudgy Penguins traded at around $0.006329, with a market cap of $399.55 million. Besides, the 24-hour trading volume has increased by over 92.71%, reaching $329.27 million.
The recent price chart of PENGU displays the ongoing bearish sentiment, with its price descending to the support level at around $0.0059. Assuming the downside correction gains further traction, the bears would initiate the formation of the death cross, and the price is likely to fall below $0.0055.
On the flip side, upon the Pudgy Penguins’ momentum reverses, the price action could instantly climb and find the immediate resistance at the $0.0067 range. If the bullish pressure turned more powerful, the golden cross might take place, and gradually push the asset’s price up above $0.0071.
Bears Circle Pudgy Penguins as Downside Momentum Dominates the Chart
Pudgy Penguins’ Moving Average Convergence Divergence (MACD) and signal lines have crossed below the zero line, indicating a shift into bearish territory. This momentum clearly confirms a broader downtrend, unless the momentum reverses.
Moreover, the Chaikin Money Flow (CMF) indicator is resting at -0.12, suggesting capital outflow from the asset. Notably, the selling pressure is outweighing the buying interest, reinforcing PENGU’s bearish bias unless it moves back above zero.
The Bull-Bear Power (BBP) reading at -0.000954 implies that the bears have a slight edge in the Pudgy Penguins market. This shows limited upside strength, with downside pressure still present; the bearish momentum remains moderate. Additionally, PENGU’s daily Relative Strength Index (RSI) is found at 25.25 signals its deep position in the oversold territory. With strong selling pressure, it may also hint at a potential short-term bounce if buyers step in.
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