• Pudgy Penguins’ 32% jump has pushed the price to $0.01944.
  • PENGU’s daily trading volume has skyrocketed by over 383%.

The recent series of recovery attempts has moderately rewarded the crypto market, pushing the market cap toward $3.47 trillion. The assets have entered the bullish phase, prices charted in green. Bitcoin and Ethereum are trading on the upside, at $111.4K and $2.7K. Meanwhile, Pudgy Penguins (PENGU) has claimed the top spot among the gainers, topping the charts with a 32.81% increase in price. 

Pudgy Penguins’ sturdy bullish encounter has tested the crucial resistance between $0.01451 and $0.01980. In the early hours, the asset traded at a daily low of $0.01445. The bulls in command have sent the price to a high of $0.01983. At the time of writing, PENGU traded at around $0.01944. 

The market cap of the asset has reached $1.21 billion. Moreover, the daily trading volume of Pudgy Penguins has exploded by over 383%, touching $766 million. As reported by Coinglass data , the market has observed $3.70 million worth of PENGU liquidations in the last 24 hours.

Can PENGU Melt Resistance and Climb Higher?

PENGU’s Moving Average Convergence Divergence (MACD) line is above both the signal line and the zero line, which indicates that a bullish momentum is building. However, the signal line is briefly below the zero line, hinting that the overall trend has not fully shifted to bullish. In addition, the Chaikin Money Flow (CMF) indicator settled at 0.18, suggesting a strong buying pressure in the market, with the money flowing into the asset. 

Pudgy Penguins (PENGU) Heats Up the Charts with Price and Volume Surges image 0 PENGU chart (Source: TradingView )

The positive sentiment of the asset could push the price toward the resistance level above $0.01952. If the upside correction gains more strength, Pudgy Penguins might trigger the formation of a golden cross. With the potent bulls, the price may climb to its former high at around $0.01965 mark.

Assuming PENGU initiates a correction on the downside, the price might instantly fall and test the $0.01935 support. As the sturdy bears enter, a death cross could take place, and it pushes the asset back to retest its previous lows between $0.01930 and $0.01915, serving as a crucial price level. 

Furthermore, the asset’s Bull-Bear Power (BBP) reading, resting at 0.005683, is slightly positive, implying that the bulls have control. Also, the price could be attempting an upward move . Besides, Pudgy Penguins’ daily Relative Strength Index (RSI) is found at 79.29. This points out that the asset is in the overbought zone, with the potential of a price pullback or correction.

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