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The Pudgy Penguins price plummeted over 6% in the last 24 hours to trade at $0.01034 as of 9:47 p.m. EST as investors decrease their exposure to the meme coin.
This 24-hour correction in the PENGU price has pushed the crypto’s weekly performance into the red by more than 5%.
Pudgy Penguins Price Consolidates
4-hour chart for PENGU/USD (Source: GeckoTerminal)
The Pudgy Penguins price has been in a tight consolidation range between $0.00900 and $0.01098 in the last few days, GeckoTerminal data shows. This period of sideways trading could be the build up to a big move in the next few days.
In the event of a bullish move, the Pudgy Penguins price might try to break above the upper boundary of the channel at $0.01098. A 4-hour candle close above this resistance could then lead to a climb to the subsequent barrier at $0.01433 in the short term.
In a bearish case, the Pudgy Penguins price might test the lower boundary of the parallel channel at $0.00900. Losing the support of this price point might then lead to a drop to the next support at $0.00628.
Technicals Suggest The Pudgy Penguins Price Could Go Either Way
From a technical perspective, indicators on PENGU’s 4-hour chart suggest the Pudgy Penguins price could still go either way. Both the Relative Strength Index (RSI) and Exponential Moving Averages (EMAs) on the 4-hour chart show indecisiveness in the market.
In the last couple of hours, the RSI has leveled off at the neutral 50 mark, and has oscillated between 40 and 60 in the last 48 hours, suggesting that neither bulls or bears have been able to take control of the meme coin’s price.
Meanwhile, the 9 and 20 EMAs are trading at almost identical levels to indicate that buyers and sellers are evenly matched from a momentum perspective.
Traders might continue to wait on the sidelines until there is confirmation of which direction the Pudgy Penguins price might move in next. This confirmation can either be the RSI breaking above 60 or the RSI breaking below 40. Another potential confirmation might be if the 9 and 20 EMA start to break away from one another.
With the Pudgy Penguins price showing no clear technical signs of its future movement, investors might turn to the $3.6 million Meme Index (MEMEX) presale for diversified meme coin exposure. Jacob Bury, a crypto analyst and YouTuber with over 54.9K subscribers, says MEMEX has the potential to be the next 10X crypto in the market.
A New Project Simplifying Meme Coin Investing
Meme Index is the first crypto index that focuses on meme coins, which have been one of the most popular subsets of the crypto market in recent months. Due to the surging popularity around these lighthearted tokens, the meme coin market has become oversaturated as new cryptos enter the space on a daily basis.
Developers will likely continue to deploy new tokens with the hopes of capitalizing on the investor hype around meme coins, which will make finding the next potential gem that much more difficult. This is where Meme Index comes in. With its baskets, or indexes, the project simplifies meme coin investing for everyone.
The project offers 4 investment baskets. These indexes are the Meme Titan, Moonshot, Midcap, and Meme Frenzy.
Each of the indexes features different batches of meme coins that are grouped by their perceived level of risk. The least risky is the Meme Titan index that focuses on the largest meme coins by market cap, while the Meme Frenzy Index, which features emerging and highly-volatile meme coins, comes with the highest level of risk.
Investors can gain diversified meme coin exposure through any of these baskets and take on a level of risk they are comfortable with by simply purchasing MEMEX tokens. Holders of the crypto can also have a say in which cryptos go in which baskets.
Meme Index Presale Heads For $4 Million
Meme Index is pulling investors in during its ongoing presale stage, as the ICO heads for $4 million. In addition to a bullish outlook for the project, investors are likely rushing to buy the crypto at this early stage due to the 630% APY on offer to anyone who stakes MEMEX while the ICO is still running.
To get in on these rewards and unlock diversified exposure to meme coins, investors can buy MEMEX through the widget on its website. Selling for $0.0161637, MEMEX tokens can be bought with either ETH, USDT, BNB or bank card. After acquiring some MEMEX, investors can then put their tokens to work through the staking page on the website.
Buy MEMEX here before an ICO price hike in 28 hours to lock in the best deal.
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