• PENGU technical indicators signal weakness: RSI at 43.57 shows fading buying power, while MACD confirms bearish crossover.
• The coin’s price hovers below the 9-day EMA ($0.03302) and tests lower Bollinger Band support at $0.02857.
• Resistance is capped at $0.034–$0.035; a breakout could target $0.040 and $0.047, while downside support remains at $0.028.

Pudgy Penguins (PENGU) is moving under bearish pressure, mirroring the broader market and uncertainty in the crypto sphere. Its price over the last 24 hours is down by 0.97%, and over the last week it is also down by 8.86%.

At the time of writing, PENGU is trading at $0.03072 with a 24-hour trading volume of $310.99 million, down by 36.8% over the last 24 hours. The coin has a market capitalization of $1.92 billion, which is showing stability.

The general market trend has turned bearish due to declining investor confidence and BTC’s downward momentum. The overall market is badly affected by this downward momentum.

Also Read: Pudgy Penguins (PENGU) Price Holds $0.03 Support, Eyes Breakout Toward $0.043

Will PENGU Push $0.047 Resistance or Slip Lower?

Pudgy Penguins is showing fading momentum in major key technical gauges. The Relative Strength Index (RSI) now stands at 43.57, which is below the neutral 50 mark, and this indicates fading buying strength.

The MACD has also established a bearish crossover, as the MACD line (-0.00063) is now below the signal line (0.00033), which suggests possible additional losses. In the meantime, the coin continues to trade below its 9-day EMA ($0.03302) and probes the lower Bollinger Band ($0.02857), signaling near-term bearish pressure.

Price action indicates consolidation near $0.0305. The token has been unable to retake higher ground after hitting a high above $0.04 in the month of July. The sellers have capped upside momentum numerous times on rallies to break above resistance of $0.034–$0.035.

A clean breakout, however, can create the possibility of $0.040 and even $0.047. But the downside support, on the other hand, lies at $0.028.

PENGU Derivatives Show Mixed Signals? What’s Next

The derivatives market is showing mixed signals. Trading volume decreased by 33.81% to $932.66M, and open interest eased by 2.63% to $316.08M. The fall in both signals the unwinding of risk exposures by traders.

Even after the pullback, the OI-weighted funding rate stays positively tilted at 0.0064%, indicating the derivatives traders are still holding a relatively bullish view. But until the volume and momentum indicators witness a comeback, the market might find it challenging to maintain an upswing.

Also Read: Pudgy Penguins Price Holds $0.037 Support as ETF Hopes Fuel Breakout