Why PENGU is Melting Faster Than Ice Cream in the Sun! 🍦💸

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  • PENGU has taken a nosedive, plummeting like a lead balloon in the past 24 hours as the memecoin market decides to take a long nap.
  • But wait! Hope springs eternal as a key support level and liquidity zone peek out from behind the curtains.

In the last 24 hours, our dear Pudgy Penguins [PENGU] has declined by a staggering 12.59%. It seems the memecoin market is experiencing liquidity outflows faster than a sieve can hold water. 🐧💦

Analysis suggests that PENGU might just have a fighting chance to recover as it flirts with a key support level on the chart, but hold onto your hats, there’s more to this tale than meets the eye.

High momentum, low liquidity — The PENGU Predicament

PENGU’s recent decline appears to be a well-orchestrated dance of despair, as the momentum behind the sell-off is as high as a kite on a windy day.

High momentum is determined by trading volume, which is just a fancy way of saying that when more people are trading, things are getting spicy. Over the past 24 hours, trading volume, according to the ever-reliable Coinglass, has skyrocketed by 63.39% to a whopping $177.90 million. 💰

Historically, when an asset declines and volume increases, it suggests that selling pressure is likely to continue, much like a bad sitcom that just won’t end. 📺

With this sentiment, PENGU’s potential for a continued downward spiral remains high. But wait, there’s more to the story than just doom and gloom.

AMBCrypto has linked this decline to the broader performance of the memecoin sector, which is about as stable as a tightrope walker on a windy day.

According to the wise folks at Artemis, the memecoin market continues to underperform, recording massive liquidity outflows. It’s like watching a parade where all the floats are deflating one by one.

Until the time of writing, its past month performance showed a 9.1% increase, placing it among the top 10 performing ecosystems. But in the past 24 hours, it has plummeted into the bottom 10, recording a 5.2% decline. Talk about a rollercoaster ride! 🎢

A continued outflow like this indicates a high potential for the asset’s price to keep nosediving. Hold onto your wallets, folks!

Will buybacks save PENGU from the abyss?

Amid this notable market decline, some brave buyers have stepped in, like knights in shining armor. The spot market shows more buying than selling in the past three days. 🛡️

Over the past week, total trades were net positive for PENGU, with $2.89 million of the asset accumulated from the market, despite the ominous clouds of further declines looming overhead.

What’s more, PENGU now trades at a key support level, precisely at $0.010865. Typically, this triggers buying activity, as unfulfilled buy orders lie in wait like hungry cats eyeing a can of tuna.

If it does, it could mark a major step toward a rally. Still, the asset faces a descending resistance line, marked by dashes, like a road sign warning of impending doom. Otherwise, it could continue to decline. 🚧

Strong upward potential — Or is it just wishful thinking?

Using the liquidation heat map, data shows that PENGU has a higher chance of making a major upward move. Or at least, that’s what the crystal ball says.

Currently, high levels of liquidity clusters are found near the top of the chart around $0.012. Typically, price tends to be attracted to levels with such liquidity concentrations, like moths to a flame. 🔥

If this path holds, it would support the other bullish indicators — increased spot purchases and the key support level. But remember, in the world of memecoins, anything can happen!

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2025-05-30 20:11