After a 10% drop in the last 24 hours, Pengu’s price has hit a new low.

The price of Pudgy Penguin (PENGU) has risen 12% in the last 24 hours, surpassing BONK to become the largest meme coin in the Solana ecosystem with a market cap of nearly $2.5 billion.

Pengu's current uptrend puts it near key resistance levels, which could yield significant gains if the bullish momentum continues. However, traders are wary of the possibility of change as traders show the first signs of weakness.

PENGU RSI is now neutral after touching 70.

Pengu's Relative Strength Index (RSI) is currently at 60.2, down from a low of 70 a few hours ago, having climbed below 50 two days ago. This recent move reflects a strong overbought momentum, followed by a slight pullback as the signal moves out of overbought territory.

While the RSI remains in neutral-to-bullish territory, a decline suggests a slowdown in buying activity, indicating that the market is entering a consolidation phase.

RSI is a momentum oscillator that measures the speed and magnitude of price movement from 0 to 100. An RSI above 70 indicates overbought conditions, often leading to a price correction, while an RSI below 30 indicates oversold conditions, indicating a potential reversal. .

With PENGU's RSI at 60.2, the coin is in a healthy range, suggesting there is still room to move higher if buyers regain control. However, the decline from recent overbought levels suggests that PENGU's price may stabilize in the short term, allowing the market to take profits before deciding on the next direction.

PENGU CMF is still very positive.

Pengu Chaikin's Cash Flow (CMF) is currently at 0.17, down slightly from its peak of 0.21 on December 25th. Days.

While the CMF remains very positive, the slight decline indicates that capital inflows have slowed, but still remain buoyant.

CMF is a volume indicator that measures the accumulation or spread of an asset over time with values ​​ranging from -1 to +1. Positive CMF values ​​indicate accumulation and strong buying pressure, while negative values ​​indicate spread and selling activity.

With PENGU's CMF at 0.17, a sustained positive trend indicates that buyers expect control, favoring price stability or further gains in the short term. However, a slight pullback from recent highs could indicate a possible consolidation period as the market rebalances its recent upward momentum.

Pengu Price Forecast: Up Another 29.7%?

If the current trend continues, the PENGU price may soon test $0.43, a key level that opens the way for further gains.

Breaking this resistance could lead PENGU to $0.45 and even $0.50, indicating a potential upside of 29.7% from current levels. This further solidifies the Penguin's position as the biggest meme coin over Solana.

However, as indicated by the RSI and CMF, the rally may be losing momentum, suggesting a reversal is possible. If this happens, PENGU may test the $0.37 support level, and if that fails to hold, the price may drop further to $0.30.

In a worst-case scenario, a longer decline could push PENGU's price down to $0.229.