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PENGU Surges 10% Amid Market Lull, but Technicals Hint at Pullback
PENGU Surges 10% Amid Market Lull, but Technicals Hint at Pullback
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BTCCSquare news:
PENGU has surged 10% despite broader market stagnation, though technical indicators suggest the rally may be losing steam. The altcoin broke out of a descending parallel channel between May 14 and June 26, but now faces resistance NEAR its May high.
Relative Strength Index (RSI) readings at 72.16 signal overbought conditions, historically preceding short-term corrections. Negative funding rates across derivatives markets further underscore growing bearish sentiment among traders.
The token's recent gains appear increasingly vulnerable as momentum wanes. Market participants are watching for either a healthy consolidation or sharper pullback before determining PENGU's next directional move.
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