Can PENGU avoid an 18% pullback ? – Watch out for THESE 2 signs
The post Can PENGU avoid an 18% pullback ? – Watch out for THESE 2 signs appeared on BitcoinEthereumNews.com.
Key Takeaways PENGU rallied 16% and neared $0.0436 resistance, but rising Exchange Inflows, a bearish Long/Short Ratio, and increased short exposure raise correction risks as traders anticipate a potential rejection from this level. Amid the ongoing market recovery, Pudgy Penguins [PENGU], a Solana [SOL]-based memecoin, posted a 16% rally that pushed it to $0.0426, at press time, just shy of a key resistance level. But on-chain data now signals possible turbulence ahead. PENGU hits resistance again The current uptrend has brought PENGU close to $0.0436, a level where the token previously faced an 18% rejection. If the rally stalls again, a short-term pullback could follow. At the time of writing the Trading Volume jumped 15% in the last 24 hours, reflecting heightened retail and investor activity. Still, the test of resistance is critical—either bulls breach the ceiling, or bears reclaim control. On the 4-hour chart, PENGU has broken past a descending trendline, flipping the structure bullish. It now trades above the 21-period Exponential Moving Average, signaling upward bias. Source: TradingView Chaikin Money Flow stood at +0.10, indicating continued capital inflow and healthy demand. However, price remained locked below the $0.0436 resistance band, and any failure to break above could trigger profit-taking. If bulls succeed in clearing this hurdle, the next leg up could retest the previous high and potentially chart a new ATH. Bearish on-chain metrics cloud the rally Despite bullish signals, on-chain metrics paint a more cautious picture. CoinGlass data showed $2.03 million Net Exchange Inflow of PENGU in the last 24 hours, as of press time. Source: CoinGlass This significant inflow into exchanges suggests a potential sell-off, indicating selling pressure and further downside momentum, which PENGU is currently experiencing. At the same time, the Long/Short Ratio dipped to 0.95, with Short Positions (51.06%) now outnumbering Long Positions (48.94%).…
Filed under: News - @ July 26, 2025 8:21 pm