According to Coinglass, the latest data indicates that PENGU has recorded spot market outflows of $1.14 million. This would tend to suggest that many investors are cashing in on the recent price increase, which would be profit-taking behavior and a possible lack of confidence in further gains.
Adding to the uncertainty, PENGU’s Chaikin Money Flow (CMF) stands at -0.19, despite the price rally. A negative CMF often signals weak buying interest and hints at a possible price reversal. This divergence raises concerns about whether the rally can be sustained.
At its current price, PENGU remains just above its all-time low support level of $0.022. Analysts warn that if buying pressure continues to decline, the token’s value could dip to this level soon. On the other hand, renewed demand for the token might push its price up to $0.030.
For now, all eyes are on PENGU as traders watch for signs of either a deeper drop or a renewed surge.
