Bears To Crash the PENGU’in Party? The Early December Rally Now Risks a Pullback
Despite a strong early December rally, PENGU faces a potential pullback due to weakening momentum and bearish positioning from large traders.Summary
The PENGU memecoin experienced a significant rally, jumping nearly 37% between December 1st and 2nd. However, key indicators suggest this upward momentum is at risk of cooling off. Technical analysis reveals a hidden bearish divergence on the RSI, where the index made a higher high while the price made a lower high, signaling weakening buying strength. On-chain data supports caution, as spot whales have reduced their holdings by 3.62%, suggesting profit-taking. Furthermore, perpetual contract traders are leaning heavily net-short, indicating expectations for a price decline. Currently trading near $0.0121, PENGU faces immediate resistance at $0.0129. For the rally to continue, the price must break past $0.0129 and then $0.0138. If a pullback extends, the critical support level to watch is $0.0110; a close below this could lead to a deeper drop toward $0.0093.
(Source：BeInCrypto)