The post Pudgy Penguins [PENGU] tanks 12% overnight: Is a full breakdown next? appeared on BitcoinEthereumNews.com. PENGU, a once-leading memecoin, has been witnessing sustained capital flight as investors continued to exit their positions. In the last 24 hours alone, capital outflows contributed to an approximate 12% decline in price, with Pudgy Penguins [PENGU] trading at $0.0097 at the time of publication. The asset is not alone in this downturn. The broader memecoin market is also experiencing significant losses, with an average weighted decline of about 27% over the past day. PENGU hits resistance PENGU’s decline over the last day has been driven by strong selling pressure after it traded into a well-established resistance wall. Ideally, a sell-off at this level tends to deepen depending on the amount of liquidity clustered around this resistance zone on the chart. The most recent move into this area previously triggered a 53% drop, as PENGU found a local bottom before its most recent rebound. Source: TradingView However, the average price reaction over the last three occasions of trading into this zone pointed to a more moderate sell-off, which resulted in an average decline of 31.7%. Typically, a breakout above this declining resistance wall often marks the start of a broader rally. In this case, that breakout has not occurred, and PENGU is now likely to search for the nearest support level before attempting a rebound. Momentum fades Bullish momentum has exited the market, as reflected by both the Money Flow Index (MFI) and the Parabolic SAR indicators. The Parabolic SAR helps identify whether the prevailing trend is bullish or bearish, offering insight into where traders are placing their bets. At the time of this report, the Parabolic SAR dots have formed above the price, signaling strong selling pressure and suggesting that the asset could decline further. Source: TradingView The MFI presents a slightly more nuanced outlook. This indicator uses defined… The post Pudgy Penguins [PENGU] tanks 12% overnight: Is a full breakdown next? appeared on BitcoinEthereumNews.com. PENGU, a once-leading memecoin, has been witnessing sustained capital flight as investors continued to exit their positions. In the last 24 hours alone, capital outflows contributed to an approximate 12% decline in price, with Pudgy Penguins [PENGU] trading at $0.0097 at the time of publication. The asset is not alone in this downturn. The broader memecoin market is also experiencing significant losses, with an average weighted decline of about 27% over the past day. PENGU hits resistance PENGU’s decline over the last day has been driven by strong selling pressure after it traded into a well-established resistance wall. Ideally, a sell-off at this level tends to deepen depending on the amount of liquidity clustered around this resistance zone on the chart. The most recent move into this area previously triggered a 53% drop, as PENGU found a local bottom before its most recent rebound. Source: TradingView However, the average price reaction over the last three occasions of trading into this zone pointed to a more moderate sell-off, which resulted in an average decline of 31.7%. Typically, a breakout above this declining resistance wall often marks the start of a broader rally. In this case, that breakout has not occurred, and PENGU is now likely to search for the nearest support level before attempting a rebound. Momentum fades Bullish momentum has exited the market, as reflected by both the Money Flow Index (MFI) and the Parabolic SAR indicators. The Parabolic SAR helps identify whether the prevailing trend is bullish or bearish, offering insight into where traders are placing their bets. At the time of this report, the Parabolic SAR dots have formed above the price, signaling strong selling pressure and suggesting that the asset could decline further. Source: TradingView The MFI presents a slightly more nuanced outlook. This indicator uses defined…