PENGU Token Sees 12% Overnight Dip: What’s Next for Investors?

The PENGU token, once a favorite in the memecoin community, has experienced a 12% price decline to $0.0097 due to continuous capital outflows. This drop is in line with the overall memecoin market, which has witnessed a decline of approximately 27%. Technical analysis indicates that PENGU faced significant resistance, with indicators such as the Parabolic SAR suggesting additional bearish pressure.

Although there are signs of a slight return of capital based on the Money Flow Index, sentiment within the community has weakened. The number of bullish investors has decreased from over 90% to 72%. Moreover, around $6.5 million has been withdrawn from derivative positions, further emphasizing the potential downside risks in the near future.