The PENGU stock's 37% rise faces a crossroads – can it continue to climb?

PENGU's stock surged by 37%, surpassing a downward trend, but its momentum is now being tested at a key resistance level.

Indicators suggest a slowdown in the rise, with increasing caution among traders due to weak trading volume compared to the price jump.

The PENGU token, inspired by the character of chunky penguins, achieved an impressive breakout, rising more than 37% within a few days. However, after breaking through the old resistance level, the rise has now hit a dead end. The question on everyone's mind: can the optimists continue the upward trend, or has this momentum already been exhausted?

PENGU broke through the $0.0055 level, which had capped its rise for weeks, giving traders a reason for optimism. This move sparked discussions on social media and injected new hope among non-fungible token traders. But for now, PENGU is trading near $0.00851, a resistance area that is difficult to break.

Price jumps, but its momentum may wane

For a moment, it seemed as though the meme coin had regained its luster. But technical signals now show a mix of green and red. The relative strength index hovers above 81, indicating a state of overbought conditions.