Pudgy Penguins (PENGU) Price Plunges 13% to Trade at $0.03708—Can Flockerz (FLOCK) Steal the Spotlight?

The price of Pudgy Penguins (PENGU) dropped by 13% in the last 24 hours to trade at $0.03708 as of 11:13 p.m. EST on trading volume that fell 32% to $556 million.

A 1-hour analysis of Pudgy Penguins (PENGU) price shows an overall bearish trend in the short term. Following a recent bullish rally that formed a rounded top pattern, the price started to decline sharply.

This rounded top is a well-known reversal pattern, indicating a potential shift from an uptrend to a downtrend.

At the moment, the price of Pudgy Penguins has slipped below the 50-day Simple Moving Average (SMA) and is testing the 200-day SMA near the $0.03789 level, data from GeckoTerminal shows.

This is a crucial support level, as the 200-day SMA often acts as a key barrier during price corrections. Failure for PENGU to hold this level could lead to further downside momentum.

Meanwhile, the Relative Strength Index (RSI) is sitting at 30.01, which signals an oversold condition. This implies that the price of Pudgy Penguins has seen excessive selling pressure recently.

However, oversold conditions do not always indicate an immediate reversal; prices can remain oversold for extended periods in strong downtrends.

Given the clear signs of bearish momentum, the price of PENGU is likely to continue its decline. If the $0.03789 support (200-day SMA) is broken, the next target could be around the $0.03500 level.

This psychological level is often a zone where buyers might step in, and it could act as short-term support.

However, if the PENGU price fails to stabilize there, it could fall further toward the $0.03000 mark, as suggested by the blue arrow on the chart. This bearish scenario aligns with the rounded top pattern and the broader downward movement.

If buyers manage to defend the $0.03789 level, a rebound toward the $0.04157 resistance (50-day SMA) is possible.

As the Pudgy Penguins price plunges, investors are also buying into the presale of a new meme coin called Flockerz (FLOCK).

According to 99Bitcoins, a popular crypto channel on YouTube with over 720K subscribers, FLOCK has the potential to soar 100X after its launch.

Flockerz Racing Towards The $10 Million Mark—14 Days Left

The Flockerz presale continues to gain momentum and has now surged past $9.1 million in funds raised, with only 14 days until its presale ends.

Flockerz is a community-controlled meme coin that has a unique Vote-to-Earn (V2E) incentive mechanism. V2E puts the power back in the hands of the community, allowing them to vote on key decisions and get rewarded for the effort in FLOCK tokens.

Through this mechanism that Flockerz pioneers, decentralization takes a step further and paves the way for how meme coin projects may evolve in the coming years.

I present to you the crown jewel of Flocktopia! 💎👑

Want to join in on the fun? Go here: https://t.co/HKN509Un5J pic.twitter.com/PM2RDdA18L

— Flockerz (@FlockerzToken) December 11, 2024

In this way, FLOCK holders have a say in critical decisions such as protocol changes, budget allocations, adjustments to tokenomics, grant approvals, investment strategies, and so on.

Moreover, investors who participate early can unlock access to a 298% annual percentage yield (APY) by staking their newly purchased FLOCK.

Investors interested in joining the presale can visit the official Flockerz website here to buy FLOCK tokens at the current price of $0.0066351 per token using BNB, ETH, USDT, or a bank card.

The NFT project, Pudgy Penguins, has seen a decline in the floor price of their NFT collection. According to NFT Price Floor, the floor price has dropped by 1.4% in the last 24 hours and now stands at 0.89 ETH.

This decrease comes after a period of relative stability, with the floor price holding above 0.9 ETH for the majority of December.

The last time the Pudgy Penguins NFT collection floor price was below 0.9 ETH was on December 1, when it briefly dropped to 0.87 ETH before rebounding.

Prior to that,