As per Bijié Wǎng, PENGU, a leading memecoin, has experienced a 12% price drop in the past 24 hours due to heavy selling pressure. The token is currently trading at $0.0097. The decline is attributed to hitting a key resistance level, triggering strong sell-offs. The broader memecoin market also fell by an average of 27% in the same period. Technical indicators such as the Money Flow Index (MFI) and Parabolic SAR suggest a bearish trend, with MFI still in the sell zone. Community sentiment has also weakened, with bullish sentiment dropping from over 90% to 72% as of November 30, based on feedback from 375,000 investors. Derivatives market investors have withdrawn approximately $6.5 million from their positions.
PENGU Plummets 12% Amid Heavy Selling Pressure
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