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The Pudgy Penguins price plunged more than 12% in the last 24 hours to trade at $0.01192 as of 10:49 p.m. EST as investors dump their holdings in the meme coin on the market.
With this sharp drop in the PENGU price, the crypto has emerged as the biggest 24-hour loser in the crypto market, according to CoinMarketCap.
Pudgy Penguins Price Prints A Lower High
4-hour chart for PENGU/USD (Source: GeckoTerminal)
The Pudgy Penguins price printed a second lower high on the 4-hour chart in the last 24 hours, resulting in the formation of a medium-term negative trend line, GeckoTerminal data shows. Now, the meme coin is resting on the support level at $0.01146. Should it drop below this technical safety net within the coming few hours, PENGU could plunge to $0.00999.
On the other hand, traders identifying the crypto’s current price as a buy opportunity might lead to a more bullish scenario playing out. In this alternative case, the Pudgy Penguins price will likely attempt to breach the recently-formed descending trendline.
If PENGU is able to clear the new obstacle, it might then try to flip the resistance level at $0.01391 into support. Thereafter, continued pressure from bulls could lead to a rise to as high as $0.01623 in the short term.
Technicals Suggest The Pudgy Penguins Price Could Go Either Way
From a technical standpoint, indicators on PENGU’s 4-hour chart are sending mixed signals. On one hand, the Relative Strength Index (RSI) shows signs of increasing buyer strength. However, the Moving Average Convergence Divergence (MACD) indicator suggests the Pudgy Penguins price is on the verge of entering a negative trend.
In recent hours, RSI readings have started to climb. Rising RSI values are often seen as a sign that sellers are weakening. With the positive slope of the RSI line, it seems bulls might continue to chip away at bears’ grip on the Pudgy Penguins price in the next 24 hours, which could lead to a major shift in power from sellers to buyers.
Meanwhile, the MACD line has collapsed in on the MACD Signal line. Should the two technical indicators cross, traders might interpret the technical event as an indication that the Pudgy Penguins price has entered a bearish cycle and subsequently begin to panic sell.
As traders wait for a confirmation of which direction the Pudgy Penguins price will move in next, investors are turning their attention to meme coin rival Meme Index (MEMEX). According to popular crypto analyst and YouTuber Jacob Bury, who has over 54.9K subscribers, MEMEX could be the next 10X opportunity to hit the market.
Enabling Diversified Meme Coin Investing
With the large number of meme coins in the market, which grows on a daily basis, it can be fairly difficult for investors to identify the next crypto gems. Meme Index simplifies this process by introducing the first crypto index for the meme coin market. By simply holding MEMEX, investors gain exposure to multiple meme coins.
Central to the project are four investment baskets, Meme Titan, Moonshot, Midcap, and Meme Frenzy. Each of these investment vehicles come with different levels of risk from relatively safer options like the Meme Titan index to the highest-risk Meme Frenzy index that focuses on emerging and volatile meme coins.
Through these investment baskets, Meme Index gives investors a simpler way to buy into the meme coin market. What’s more, the tokens each basket focuses on are constantly evaluated and decided on with each governance gathering that lets MEMEX holders pick which meme coins should go in each index.
With talks of a 2025 meme coin supercycle making the rounds in the market, Meme Index could be the best way for investors to capitalize on the anticipated surge in the meme coin space.
Meme Index Presale Raises Over $3.3 Million In Presale
Investors are betting big on MEMEX’s future, which is evident by the more than $3.3 million the project has raised so far during the presale stage.
Apart from the bullish predictions by experts and how much the project simplifies meme coin investing, there is also an attractive staking program on offer to early-stage buyers. Anyone who acquires MEMEX tokens through the buy widget embedded on the project’s website and stakes their tokens now will unlock a 674% APY.
The meme coin is currently selling for $0.0159077, and can be bought with either ETH, USDT, BNB or bank card.
Buy MEMEX tokens here before a presale price hike in 28 hours.
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