🚨
$PENGU update – it's locked in a solid downtrend, full-on bearish mode with no real fight from buyers.
Volume's spiking hard on the way down, but those little rebounds are dead quiet, which just confirms sellers are running the show. The last 1-hour candle's barely ticking at 1.39E7, feels like things might be tiring out near these lows.
Fund flows back it up: steady outflows in contracts (-247k in 1H, -1.55M over 6H) and spot (-215k in 24H), pointing to big money heading for the exits. Those tiny short-term bumps (+58k in 5m contracts, +43k spot) aren't moving the needle against the bigger picture.
Staying cautious short
$PENGU here.
Enter around that minor resistance at Resistance 0.00895, or if it bounces a bit to 0.00888-0.0089 on weak volume. Don't chase it lower than 0.0088.
Stop at 0.0091, lining up with Resistance and MA20 to play safe.
Targets
$PENGU down to Support 0.00873 or next support 0.008622
Anyone shorting PENGU or waiting for a bottom?
#pengu #PENGUUSDT #PudgyPenguins