Can PENGU avoid an 18% pullback ? – Watch out for THESE 2 signs
Main Idea
PENGU's 16% rally faces potential pullback due to bearish signals, including rising exchange inflows and a negative long/short ratio, as it approaches a key resistance level of $0.0436.
Key Points
1. PENGU rallied 16% to $0.0426, nearing a key resistance level of $0.0436, where it previously faced an 18% rejection.
2. On-chain data shows $2.03 million in net exchange inflows, indicating potential selling pressure and downside momentum.
3. The long/short ratio dropped to 0.95, with short positions (51.06%) outnumbering long positions (48.94%).
4. Despite bullish short-term trends, failure to break above $0.0436 could trigger profit-taking and a drop to support around $0.038.
5. Chaikin Money Flow stands at +0.10, indicating continued capital inflow, but resistance remains a critical hurdle.
Description
PENGU’s 16% rally is sparking sell-off concerns amid rising bearish signals.
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