Pudgy Penguins (PENGU) experiences a decline in sales volume and price, indicating a market correction. Santiment metrics highlight negative sentiment and reduced social dominance. Fibonacci retracement levels suggest a potential recovery, but persistent selling pressure hinders bullish prospects. The A/D and CMF indicators point towards capital outflow, while the liquidation heatmap indicates a buildup of short liquidations.
Over the past three weeks, particularly the last week, sales volume and price data for Pudgy Penguins have been on a downward trend. This decline, coupled with the increased sales and falling prices, suggests a market correction and cautious buyer sentiment. Santiment metrics reveal a negative weighted sentiment since late December, with a sharp drop in social dominance during January.
This indicates a reduction in Pudgy Penguins mentions on social media, offering an explanation for the slow rise in weighted sentiment. Following the rally from $0.0226 to $0.0469 in late December and early January, Fibonacci retracement levels were plotted. In mid-January, the price respected these key levels, hinting at a potential recovery from $0.0278. However, persistent selling pressure over the last two weeks has dashed bullish expectations. On January 26th, the 78.6% retracement level was retested as resistance, triggering a downward spiral for PENGU.The A/D indicator continued its steady decline, and the CMF fell below -0.05, signifying a substantial outflow of capital from the market. The liquidation heatmap for the past week showed a buildup of short liquidations above $0.018, extending to $0.024. Given the prevailing bearish momentum and selling pressure behind PENGU, a move past $0.0185 seemed improbable. As of the time of writing, the most likely scenario for the Pudgy Penguin memecoin is a bounce to $0.0185 to gather liquidity before resuming its downtrend.
Pudgy Penguins PENGU Cryptocurrency Market Correction Technical Analysis
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