How High Can Pudgy Penguins (PENGU) Price Go in December?

The Pudgy Penguins (PENGU) price dropped 12% to $0.0097 and has been struggling since, moving in line with weakness across other memecoins.

Traders reacted to rejection near $0.011, and derivatives volume fell as $6.5M in positions were closed out. At the same time, PENGU is still in the spotlight because several major developments could shape its path this month

Bitnomial’s new regulated spot exchange is preparing to launch, and PENGU is one of the tokens highlighted for institutional visibility. Meanwhile, Bitso’s expansion into on-chain products could widen PENGU’s reach across Latin America.

What the PENGU Chart Is Showing

The 4h chart reveals a steady downtrend that has been in place since mid-September. After the rejection near $0.0397 months ago, the price has continued sliding, forming lower highs and lower lows with almost no strong rebound along the way

The selloff accelerated in mid-October and again in late November, sending the PENGU price into the $0.01 range.

The recent bounce toward $0.0124 is the first sign of relief in days, but it hasn’t changed the larger trend yet. Sellers remain active at the $0.011–$0.013 zone, and the chart shows that every attempt to recover has been met with new selling pressure.

If buyers cannot hold the $0.01 area, the price risks falling back toward the $0.008 support zone where buyers stepped in previously.

Source:Coinank Market Indicators

On-chain and technical indicators show mixed signals:

OBV has been falling for weeks, showing that money is leaving the market instead of coming in. Even with the latest uptick, OBV is still far from confirming strong demand.

CCI finally turned positive after a long stretch below zero, which often happens during quick rebounds. However, the PENGU price needs follow-through buying pressure to confirm that this is more than a short-lived bounce.

Net long vs. net short data shows continued imbalance. Long positions have slowed down while shorts remain high, which shows traders still doubt that a real bottom has formed.

Together, the signals show a market trying to steady itself but not ready to turn upward yet.

Read Also: Fresh Charts Reveal Avalanche Weakness, AVAX Price Breakdown Suggests Deeper Drop Ahead

PENGU Price Short-Term Outlook for December

PENGU direction in December depends on what happens around the $0.01–$0.012 area. If buyers hold this zone and push the price above $0.013, PENGU can move toward $0.015 and possibly $0.018 later in the month. These levels acted as reaction points before, so reclaiming them would show clear buying strength.

If the PENGU price loses $0.01 again, it could slide back to $0.008, the support that held during previous drops. Falling under $0.008 would point to a deeper slide and delay any attempt at recovery.

Right now, PENGU is not falling, but it’s not strong either. December will show whether this bounce grows into something bigger or just becomes another brief pause in the downtrend.

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The post How High Can Pudgy Penguins (PENGU) Price Go in December? appeared first on CaptainAltcoin.