PENGU Price Sets New Low After 10% Drop in the Last 24 Hours

PENGU price is down over 10% in the last 24 hours, hitting new lows as the broader cryptocurrency market faces widespread selling pressure. The token is approaching a critical support level at $0.0229, which could determine its short-term trajectory. A breakdown below this level might push PENGU below $0.020, marking further declines.

However, if buyers regain control and momentum shifts, PENGU price could target resistance levels at $0.030, $0.034, and potentially $0.039. That would offer a significant 56% upside from current price.

PENGU RSI Shows a Neutral Zone

PENGU‘s Relative Strength Index currently stands at 48.95, a notable recovery after dipping below 20 earlier. The RSI is a momentum oscillator that measures the speed and magnitude of price movements, oscillating between 0 and 100.

The RSI thresholds offer key insights into market conditions. An RSI below 30 indicates oversold conditions, suggesting the asset may be undervalued and presenting potential buying opportunities.

Conversely, an RSI above 70 signals overbought conditions, pointing to possible selling pressure as the asset might be overvalued. Levels between 30 and 70 reflect neutral conditions, often associated with consolidation or a gradual trend development.

With PENGU’s RSI now at 48.95, the indicator suggests that the price is neither oversold nor overbought. This recovery from extreme oversold levels below 20 signals that selling pressure has eased.

In the short term, RSI near 50 implies indecision, where PENGU price could consolidate as traders assess whether bullish momentum can build or bearish pressure might resume. A push above 50 could indicate strengthening upward momentum, while a drop back toward 30 might signal renewed weakness.

48% of PENGU Available In the Airdrop Were Claimed

Approximately 48% of the total PENGU supply allocated for the airdrop has been claimed so far, leaving over 20 billion PENGU tokens still unclaimed. This substantial amount of unclaimed tokens represents a significant portion of the supply that could potentially enter the circulating market.

Airdrop claims often create selling pressure as recipients may choose to sell their tokens immediately upon receipt, particularly if the coin has already experienced price gains.

In the short term, the unclaimed tokens could act as a potential overhang for PENGU price. If a large number of these tokens are claimed and sold in a short period, it could increase selling pressure and weigh on the price.

However, if the remaining tokens are claimed gradually or held by recipients instead of being sold, the impact on the market could be more muted.

PENGU Price Prediction: Will It Make New Lows?

PENGU price is currently approaching a critical support level at $0.0229. If this level fails to hold, the coin could continue its downward trajectory. It could potentially fall below $0.020 and setting new lows. This makes $0.0229 a key area for buyers to defend to prevent further bearish momentum.

On the upside, if PENGU can establish strong momentum and build a strong uptrend, it could first target resistance at $0.030. A successful break above this level could open the path to $0.034 and potentially $0.039.

That would represent a 56% upside from current levels. Such a move would require significant buying interest and a strong reversal in market sentiment.