Bears To Crash the PENGU’in Party? The Early December Rally Now Risks a Pullback
PENGU worth jumped nearly 37% between December 1 and December 2, making it considered one of the strongest movers in the memecoin group. The transfer pushed the worth again above short-term ranges and helped PENGU retain about 26% of its 24-hour features even after a small dip.
But this early December burst could not proceed with out resistance. A couple of key indicators now point out the rally is prone to slowing attributable to a “bear assault.”
Rally Risks Cooling as Momentum Weakens and Traders Turn Cautious
PENGU has been one of the meme coins to watch this month as a result of its latest setup was bullish. That early December bounce confirmed that patrons have been energetic once more.
But the chart exhibits the first warning signal.
RSI (Relative Strength Index), which measures momentum on a 0–100 scale, made a increased high between November 10 and December 1, whereas the PENGU worth made a decrease high. This is a hidden bearish divergence. It often means patrons are pushing laborious, however the worth shouldn’t be reacting with equal energy.
That sort of mismatch can sluggish rallies throughout broader downtrends, and PENGU remains to be down nearly 25% over the previous month.
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On-chain positioning helps this threat.
Whales on spot have lowered their holdings by 3.62%, now holding about 1.19 billion PENGU. That discount is value roughly 43 million PENGU, exhibiting that giant holders used the bounce to trim publicity by presumably revenue reserving. This hints at weaker conviction.
Perpetual merchants will not be serving to the development both.
Top 100 addresses (mega whales) have shifted closely towards shorts, slicing lengthy publicity by greater than 17% in 24 hours. Even although constant PERP winners barely elevated lengthy exercise, the complete group nonetheless leans net-short. That means they count on the costs to go down.
Together, the momentum mismatch and the shift in bearish habits present why the rally now faces its first actual check.
PENGU Price Levels: Where the Supposed Pullback Might Stop?
PENGU trades close to $0.0121 and faces a ceiling at $0.0129, beneath which its newest rally try stalled.
To regain energy, the chart wants a break above $0.0129 first, adopted by $0.0138. But the hidden bearish divergence doesn’t get invalidated till PENGU crosses $0.0166, which marks the early November peak.
If in the present day’s minor pullback extends, the first degree to look at is $0.0110. A each day shut under that would open a deeper transfer towards $0.0093, which was the earlier response space earlier than the December rebound.
For now, the early December PENGU price rally is not broken, however it’s in danger.
RSI warns of slowing momentum, whales are decreasing their stake, and PERP merchants are positioning towards the transfer. To maintain the Pudgy Penguins’ get together alive, the worth should maintain above $0.0110 and push cleanly via $0.0138.
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