The price of Pengu was trading around $0.030 at the time of writing, showing a decline of more than 8% in the last 24 hours. This drop has nearly erased all of its monthly gains. Although the token still reflects a 113% return over the last three months, emerging sell-side signals have sparked significant concerns.
With charts suggesting a possible drop to $0.014, traders are closely monitoring the next developments.
Exchange Inflows Spike, Smart Money Backs Out
Data from Nansen indicates that exchange holdings for PENGU rose by 5.74% this week to 16.07 billion tokens, implying approximately 873 million tokens flowed into centralized exchanges, a typically bearish indicator signaling potential sell pressure.
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Additionally, whale holdings have decreased by 0.43%, while smart money wallets have reduced their exposure by 12.83%, bringing their total down to just 136.51 million tokens. Even wallets linked to public figures have seen their balances decline by 4.1%.
Only the top 100 addresses experienced a 2.01% increase in holdings, now managing 74.65 billion tokens, suggesting a possible internal redistribution instead of net accumulation.
The current balance shift is evident: high-conviction players are downsizing their positions, while exchange supply is increasing.
The 4-hour chart reinforces the bearish sentiment. The 50 EMA (Exponential Moving Average) is nearing a death cross below the 200 EMA, a pattern often linked to further declines.
Earlier this week, the 20 EMA crossed beneath the 200 EMA, resulting in a 15% drop in PENGU’s price from $0.033 to $0.028.
If the 50-200 EMA crossover is confirmed, historical patterns indicate PENGU’s price may experience another downward shift.
Traders utilize EMA crossovers to identify medium to long-term trend changes. When shorter-term EMAs fall below longer ones, it signals that sellers are dominating.
Key Support Breaches Raise PENGU Price Correction Risk
PENGU’s price is currently resting on support in the $0.028–$0.030 range, highlighted in the daily Fibonacci retracement chart. A breach below $0.028 could lead to a swift decline towards $0.027; if that support fails, the next significant level is around $0.014.
This would signify a potential 53% drop from current values, returning the token to its pre-rally status. While confirmation is pending, the bearish crossover and increasing exchange reserves provide little room for short-term bullish sentiment.
Conversely, if PENGU’s price can reclaim $0.033, the current bearish outlook may be invalidated. However, this would require the impending “death” crossover to not occur, along with a revitalization of buying momentum.
The post PENGU Price Risks 50% Crash As Selling Pressure Intensifies appeared first on BeInCrypto.
