- After a 9% jump, Pudgy Penguins is trading around $0.036.
- PENGU’s 24-hour trading volume has surged by over 57%.
The crypto market sentiment is neutral, with the fear and greed index value holding at 50. With a brief spike, the market cap has reached $4.01 trillion, and this uptick has triggered a few of the major assets to light green candles. The assets like BTC and ETH are attempting to reclaim the recent highs, trading on the upside.
Among the altcoins, Pudgy Penguins (PENGU) is endeavouring to recover, recording a surge of over 9.44%. The asset opened the day trading at a bottom range of $0.03339. As the bulls took over the PENGU market, they broke the crucial resistance between $0.03344 and $0.03802, and the price climbed to a high of $0.03807.
At press time, Pudgy Penguins traded within the $0.03674 range, with a market cap of $2.28 billion. Besides, the daily trading volume has jumped by over 57.57%, reaching $674.18 million. According to Coinglass data , the market has experienced a $1.70 million liquidation in PENGU in the last 24 hours.
Will PENGU’s Momentum Carry It Higher?
Pudgy Penguins’ Moving Average Convergence Divergence (MACD) line is found above the signal line, giving a bullish sign. The price may continue to rise if the uptrend stays. Moreover, the Chaikin Money Flow (CMF) indicator, sitting at 0.01, implies the market is almost neutral, with only a tiny tilt toward the positive zone, with light buying pressure in the market. Notably, the money is flowing into the asset.
PENGU chart (Source: TradingView )
With PENGU’s uptrend, the bulls could trigger the price up, and it finds the nearest resistance at $0.03681. If the upside pressure builds, the asset might initiate the emergence of a golden cross, pushing the asset’s price above the $0.03688 range.
In a bearish scenario, the price might slip and test the support level at $0.03667. With a strong downside correction , Pudgy Penguins could invite the death cross to take place. The bears would send the price down toward $0.03660 or even lower.
Additionally, the daily Relative Strength Index (RSI) found at 62.23 indicates that the asset is in bullish territory, with more room for gains. Also, it may approach the overbought territory . Pudgy Penguins’ Bull-Bear Power (BBP) reading of 0.001980 suggests that the bulls have only a slight dominance over bears. The value is close to zero, so the momentum is not decisive, and the price action could shift either way.
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