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The Pudgy Penguins worth plummeted over 23% within the final 24 hours to commerce at $0.02406 as of 6:13 a.m. EST as traders dump their holdings within the recently-launched crypto.
Regardless of the latest pullback, the PENGU worth continues to be up greater than 380% since its launch earlier this week.
Pudgy Penguins Worth Loses A Key Help
1-hour chart for PENGU/USD (Supply: GeckoTerminal)
The Pudgy Penguins worth dropped under the assist degree at $0.02590 within the final couple of hours and appears to have fashioned a brand new assist at round $0.02199. Ought to the meme coin fall under this new technical security internet, it might stand the chance of dropping even additional within the coming 24 hours.
Nonetheless, a bounce from the $0.02199 assist would possibly result in the Pudgy Penguins worth reclaiming a place above the $0.02590 mark within the brief time period. Thereafter, merchants would possibly go lengthy on the crypto, which might push PENGU above the following main barrier at $0.03451. In a particularly bullish case, the Pudgy Penguins worth would possibly soar to as excessive as $0.04260.
Bears Nonetheless Have A Tight Grip On The Pudgy Penguins Worth
Momentum nonetheless appears to favor bears, with Exponential Transferring Averages (EMAs) and the Relative Energy Index (RSI) on the 1-hour chart displaying sellers have an higher hand in opposition to patrons.
The present RSI studying at simply above 30 alerts loads of bearish energy, which might result in the Pudgy Penguins worth dropping much more within the coming 24 hours if sellers determine to maintain exerting stress on the meme coin.
In the meantime, a significant bearish technical flag was triggered by the 9 and 20 EMA on the hourly chart in the previous few hours. After dropping under the $0.03451 mark yesterday, the 9 EMA crossed under the 20 EMA line as nicely. Merchants typically see this as an indication that an asset has entered a unfavorable cycle.
Because the two EMAs crossed, the Pudgy Penguins worth has been constantly pushed down by the 2 technical indicators. A descending worth channel has additionally fashioned on the meme coin’s charts after the crypto’s worth recorded decrease lows and decrease highs within the final couple of days.
General, there are a couple of technical obstacles that PENGU might want to overcome earlier than it might begin to rise.
With the array of technical obstacles presently standing in PENGU’s method, traders might wish to pivot to the brand new Solana meme coin rival Solaxy (SOLX), which lately surpassed the $3.4 million mark in its red-hot presale.
The crypto’s sturdy ICO efficiency comes amid a sequence of bullish SOLX predictions by a number of crypto consultants. Among the many analysts that forecast nice issues within the undertaking’s future is fashionable YouTuber ClayBro, who instructed his greater than 133K subscribers in a latest video that Solaxy might flip traders into millionaires.
Taking The Solana Community To The Subsequent Degree With Devoted Scaling Know-how
Solaxy is a pioneering undertaking within the truth that it’s the first layer-2 community for the Solana blockchain. With the hype round meme cash this yr mixed with Solana being the community of selection for builders due to its velocity and low charges, the lightning-quick blockchain community has come below extreme computational stress.
Solana has already suffered a couple of outages, with the latest being earlier this yr. If one thing doesn’t change quickly, the favored meme coin host might as soon as once more come to a standstill.
That is the place Solaxy is available in. With its native layer-2 community, the undertaking will ease the computational workload on the Solana blockchain. Moreover, Solaxy may also enhance transaction speeds and decrease community charges.
FIRST L2 on SOLANA ? signal me up already $SOLX ( @SOLAXYTOKEN )
~ Multi-chain potential (cross chain transactions potential in future)
~ quick transaction with little or no congestion on sol
~ presale is presently stay
~ excessive staking rewards~ Presale worth will increase with… pic.twitter.com/1GeGW84LRs
— JUSTICΞ 🫶🏽⭕️ (@offshoda) December 19, 2024
Whereas its preliminary focus shall be to scale the Solana community, Solaxy has bold plans to mix Solana’s spectacular speeds and low charges with Ethereum’s thriving decentralized finance (DeFi) ecosystem and strong safety framework to create a brilliant ecosystem.
To attain this, Solaxy will deploy its native token to each Ethereum and Solana along with its personal chain. This positions the brand new undertaking to grow to be an optimized worth switch freeway between two of probably the most distinguished networks within the Web3 area.
SOLX will subsequently profit given its central position on this envisioned tremendous blockchain ecosystem.
Excessive Staking Rewards Are Pulling Traders In
Its layer-2 capabilities and Solana focus will not be the one elements which have excited traders. There’s additionally an enormous 1,091% staking APY presently on supply to presale patrons.
To get in on these rewards, traders can buy SOLX tokens by way of the widget embedded on the undertaking’s web site utilizing both ETH, USDT, BNB or financial institution card.
As soon as purchased, traders can then lock up their tokens via the staking web page on the web site to unlock entry to the staking rewards.
Purchase and stake SOLX here for the 1,091% APY.
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