Pudgy Penguins (Pengu) have become the best winning market, which has grown by 6% over the past 24 hours. At the time of writing, the coin meme is traded at 0.025 dollars.
Despite the increase in prices, this increase caused a wave of sales, questioning the stability of his recent achievements.
Owners of puffy penguins unload when the price rises
The outflow from Pengu Spot Market on Thursday reflects the benefits of activity among holders. According to Coinglass, this is $ 1.14 million.
When the asset sees a point outflow during a price rally, this indicates that investors are selling their assets, despite the growing value. This often reflects profit and involves the lack of long -term confidence in price growth.
During the press, the Pengu Chaikin (CMF) cash flow is below zero at -0.19 in the daily diagram. This forms the bear’s divergence with an increase in the price of token, hinting at a potential change.
CMF measures a total flow of money in or from an asset for a certain period, which indicates that the pressure on the purchase or sale. When CMF is negative, while the price of the asset is raised, this suggests that the rally occurs without a strong interest in the purchase. This signals weakness in the movement of prices and a higher risk of change.
Pinge price forecast: token can fall to a record low level
PENGU is traded at 0.025 US dollars during printing, slightly higher than support formed at a record low level of $ 0.022. If it purchases activities, the price of token can fall to this level in the near future.
Nevertheless, the actual demand for altcoin deprives the cancellation of this bear thesis. In this script, the cost of Pengu can rise to $ 0.030.
