The crypto market is currently experiencing a downturn, with major assets like Bitcoin and Ethereum shedding value. Pudgy Penguins (PENGU), a meme-inspired cryptocurrency, has also been affected, dropping over 4% in the past 24 hours to trade at around $0.021. Trading volume for PENGU has surged by over 12%, reaching $342.65 million. While the current price drop is concerning, experts are unsure if it’s a sign of a complete crash or if a potential turnaround lies ahead. 4% down, the asset opened the day at $0.02216 and has been struggling to stay above its recent low of $0.01998. 24-hour trading activity for PENGU is up over 12%, with CoinMarketCap reporting the price currently hovering around $0.02126. Meanwhile, the market cap stands at a significant $1.33 billion. A key question remains: can this asset regain its momentum and break free from the bearish trend? While some experts believe it might reach near resistance levels above $0.02140, others point to potential downtrend towards support level of $0.02119. Analyzing recent trends, the Moving Average Convergence Divergence (MACD) suggests a weak trend for PENGU with its line below zero and is not moving upwards towards the zero line. The Chaikin Money Flow (CMF), at -0.09, also indicates slight selling pressure in the market. Despite a current oversold level of 36.48 on the RSI, the potential for a rebound exists if buyers step in.