$PENGU is under pressure right now for one clear reason: liquidity was taken above, momentum flipped, and sellers pushed price straight back into a key demand area.
I’m watching this chart and what I see is a failed upside attempt near the recent high, followed by continuous lower highs. That move trapped late buyers. Once support flipped into resistance, price started bleeding slowly instead of dumping hard, which tells me this is controlled selling, not panic yet. Now price is sitting right on a reaction zone where the next decision happens.
Market read
I’m reading this as a bearish structur