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Following
ADA 
PENGU Fat Penguin (PENGU) price drops to US$0.0060
The market turns from an upward trend to a potential correction. As of August 7, the cryptocurrency market is trying to recover, with red and green charts active at the same time. Among digital assets, the Fat Penguin (PENGU) is under pressure as bears dominate its trend. The asset has been trying to attract long power to get rid of the downward trading pattern.
In addition, the technical side remains bearish and the asset continues to trade in a downward trend. At the same time, the bearish price ranking confirmed that bears are still dominating the overall market trend of PENGU. Only when buyers step in will the momentum reverse and turn green.
It is worth noting that according to CoinMarketCap data, the current trading price of Fat Penguins is in the US$0.006047 range, down approximately 1.59% in the past 24 hours. Prices remained above intraday lows of $0.005926. In addition, the asset hit a high of $0.006195 in early trading.
Observation on Key Price Level for Fat Penguins
The Fat Penguins 'four-hour price chart shows continued bearish sentiment. If bears gain further strength, they could push prices to support near $0.006024. As the death cross forms, the token may be withdrawn to $0.006001 or even lower.
Assuming that PENGU momentum initiates an upward correction, prices may climb immediately and encounter resistance at US$0.006069. Amid strong bullish pressure, a gold cross could emerge, pushing the asset price upward, retesting previous highs above the $0.006092 mark.
Does the technical side imply continued weakness?
The moving average convergence divergence (MACD) line is below the zero line, indicating that a bearish cross is fully taking effect. PENGU's short-term momentum has fallen into negative territory, and short-term selling pressure has collapsed, pulling the fast line to the bottom of the equilibrium line.
The multi-cycle moving average is lagging because the signal line is above the zero axis. The market is transitioning from an upward trend to a potential correction. The recent sharp sell-off has pushed immediate momentum into negative territory. Traders view this as a warning signal and should avoid aggressively going long. 
(Source: TradingView)
In addition, the daily relative strength index (RSI) is near 45.27, implying moderate bearish momentum. Level 50 represents neutrality. A little below this value means that sellers currently have a slight upper hand, but neither party is dominant. The asset is far from oversold.
There is still plenty of room for further decline in fat penguin prices based on extreme values before buyers step in. The market showed a calm consolidation trend with a slight downward trend. The values in the middle section of more than 40 are in the neutral and cautious region. Traders should remain on the sidelines until prices stand above 50 or fall below 30.
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