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The Pudgy Penguins price slipped over 1% in the last 24 hours to trade at $0.006485 as of 10: 19 p.m. EST as some investors decrease their portfolios’ exposure to the crypto.
The drop in the PENGU price comes even after asset manager Canary Capital filed to list an exchange-traded fund (ETF) for the meme coin.
Pudgy Penguins Price Falls Below Support
4-hour chart for PENGU/USD (Source: GeckoTerminal)
The Pudgy Penguins price dropped below the support level at $0.006701 in the last couple of hours, according to GeckoTerminal data. Should traders start to short the meme coin at this point, it might be at risk of testing the subsequent support at $0.006119 soon. In an extreme bearish case, PENGU could even drop to as low as $0.005477 in the short term.
However, a more bullish scenario might end up playing out if the Pudgy Penguins price is able to recover to above the $0.006701 resistance in the next few hours. Traders might then see a climb back above this level as a long confirmation. This potential buy pressure could then push the Pudgy Penguins price up to the next resistance at $0.007344.
Bears Are Starting To Take Full Control Of The Pudgy Penguins Price
From a technical standpoint, indicators on PENGU’s 4-hour chart warn the meme coin’s price might drop in the next 24 hours. More specifically, indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) show bears have a slight upper hand against bulls.
That’s after RSI readings dropped from above 60 to below the neutral 50 mark, signaling that there has been a bearish shift in power on PENGU’s 4- hour chart. If the RSI continues to drop in the next few hours, the pressure from sellers may be too overwhelming for buyers. This could then result in a drop in the PENGU price.
A major bearish technical flag was also triggered by the MACD after the MACD line crossed below the MACD Signal line in the last few hours. This specific technical event is often seen as a confirmation that a crypto has entered a negative trend. Should the MACD line start to break away below the MACD Signal line, it could indicate growing bearish momentum.
While sellers take over on PENGU’s charts, investors flock to the presale for a new meme coin rival called Meme Index (MEMEX) to grow their crypto holdings.
Several experts have stepped forward to share their bullish predictions for MEMEX. Among them is an analyst at the 99Bitcoins YouTube channel, which has over 725K subscribers. In a recent video, the analyst said the new meme coin has the potential to be the next 100X crypto.
Giving Investors A New Innovative Way To Buy Into Meme Coins
The meme coin market has become oversaturated in the last few months due to the buying frenzy that erupted around the sector. With so many coins to pick from, finding the next meme coin gem while also avoiding scam tokens has become difficult.
Meme Index, with its curated meme coin baskets, simplifies meme coin investing for everyone. Not only does the project offer investors a safer way to invest in meme coins, it also gives buyers the opportunity to gain diversified meme coin exposure.
The project’s baskets, or indexes, are Meme Titan, Moonshot, Midcap, and Meme Frenzy. Each of the indexes features numerous meme coins that are grouped according to their perceived level of investment risk.
From relatively safer options like Meme Titan to the highest-risk index Meme Frenzy that focuses on extremely volatile meme coins, Meme Index caters to all investor risk profiles.
By simply holding MEMEX tokens, investors get exposure to the meme coins in the project’s baskets. Additionally, MEMEX holders also get to vote on which tokens each basket will focus on.
Time Is Running Out For Investors To Get MEMEX At Presale Prices
Meme Index has raised over $4.1 million through its presale so far, signaling strong market demand for what the project has to offer.
Recently, the ICO entered its final stage, leaving buyers with just over 10 days left to get in on this ground level of the meme coin project.
Interested investors can purchase MEMEX for $0.0166883 apiece via the widget embedded on the home page of its website using either ETH, USDT, BNB or a bank card.
After buying some MEMEX, investors can also stake their tokens for a 555% APY.
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