PENGU, a prominent memecoin, has seen its price fall by 12% in the last 24 hours, now trading at $0.0097. This decline is largely due to heavy selling pressure after the token hit a key resistance level, prompting significant sell-offs. The broader memecoin market also experienced a downturn, with an average drop of 27%. Technical indicators, including the Money Flow Index (MFI) and Parabolic SAR, point to a bearish trend, with the MFI remaining in the sell zone. Investor sentiment has weakened, with bullish sentiment decreasing from over 90% to 72% as of November 30, according to feedback from 375,000 investors. Additionally, derivatives market investors have pulled out approximately $6.5 million from their positions.