The PENGU meme coin, currently in a tight race with Bonk (BONK), has crossed a $2 billion market cap, but its ADX and RSI indicators show mixed signals.
Solana meme coins Pudgy Penguins PENGU $0.00924 24h volatility: 0.9% Market cap: $576.98 M Vol. 24h: $233.96 M and Bonk BONK $0.000008 24h volatility: 0.2% Market cap: $655.64 M Vol. 24h: $115.73 M have been recently in close battle for the top spot. Both the meme coins have crossed the $2 billion market cap threshold thereby solidifying their position in the market.
Traders are putting a close watch on technical indicators such as Average Directional Index (ADX) and Relative Strength Index (RSI) for the PENGU meme coin, which hint at improving momentum. Over the past week, PENGU price has seen strong volatility with bears failing to hold above the crucial support of $0.032.
In the last 24 hours, the PENGU ADX has dropped from 20.5 to 15.5 showing a weakening trend. An ADX below 20 suggests a lack of strong directional movement in the market, often pointing to consolidation or indecision.
This drop comes just when the PENGU price seeks to form an uptrend, thereby implying that just when the momentum is building, it hasn’t gained enough strength in order to establish an uptrend.
Source: TradingView
The ADX, or Average Directional Index, gauges the strength of a trend on a scale from 0 to 100. Values below 20 signal a weak or absent trend, while readings above 25 indicate a stronger, more established trend. PENGU’s current ADX of 15.5 reflects the uncertainty surrounding its price movement. Thus, any attempt to form an uptrend will lack momentum.
For a bullish breakout, the PENGU ADX should surge past 25, supported by increased buying pressure. Until then, PENGU is likely to remain in a consolidation phase.
PENGU Price RSI Sees Quick Surge
After hitting the oversold territory, the PENGU price relative strength index (RSI) jumped sharply to 49.8 from 28.9, in just a day’s time. This hints at growing buying momentum after a period of major selling, thereby taking the asset to neutral territory.
The RSI, or Relative Strength Index, assesses the speed and magnitude of price changes on a scale from 0 to 100. An RSI below 30 indicates oversold conditions, suggesting a potential rebound, while an RSI above 70 points to overbought conditions. Currently, with PENGU’s RSI at 49.8, the price is in a neutral zone, showing a slight bullish bias.
Source: TradingView
PENGU price is currently fluctuating within a range, with support at $0.031 and resistance at $0.034.
Source: TradingView
If the uptrend gains momentum, PENGU may break the $0.034 resistance level, potentially testing $0.04 and possibly reaching $0.0439.
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