Can Pudgy Penguins (PENGU) Keep Soaring After a 24% Blastoff?

• Pudgy Penguins is hovering at $0.038 after a 24% surge.
• PENGU’s daily trading volume has jumped by over 169%.

With the 1.37% uptick in the market cap, it has settled at around $3.95 trillion. The overall market sentiment is greedy as the Fear and Greed Index value holds at 67. Notably, all the major assets are waving the green flag, attempting to kickstart a bull run. The largest assets, like BTC and ETH, have reclaimed their recent highs. 

Pudgy Penguins (PENGU) has registered a gain of over 24.52%, emerging as one of the top gainers. With the potent bulls in command, the asset has tested crucial resistance levels between $0.03033 and $0.03987 and hit its daily high at around $0.03988 from a bottom level of $0.03032. 

As per CoinMarketCap data, at the time of writing, Pudgy Penguins traded within the $0.03827 zone, with a market cap of $2.41 billion. PENGU’s 24-hour trading volume has increased by over 169%, reaching $1.87 billion. Besides, the market has seen a liquidation of $5.01 million worth of PENGU, as reported by Coinglass data.

Can Pudgy Penguins Hold the Momentum and Soar Further?

The technical analysis report of Pudgy Penguins exhibits that the Moving Average Convergence Divergence (MACD) line is found above the signal line. This generally indicates the bullish momentum, with continued upside ahead. Moreover, the asset’s Chaikin Money Flow (CMF) indicator value of 0.22 suggests strong buying pressure in the market. The capital is flowing into the asset, considered a bullish sign and pushes the price higher. 

In addition, the daily Relative Strength Index (RSI) is positioned at 77.04, signalling that PENGU is in overbought territory, showing strong bullish momentum, with the risk of potential pullback or correction. The Bull-Bear Power (BBP) reading of 0.011043 implies a mild bullish strength in the current price action, but not enough to confirm a strong uptrend.

The current uptrend of Pudgy Penguins might push the price to its nearby resistance range at around $0.03833. The asset could trigger the golden cross to emerge with the continued bullish correction. It may likely drive the price above the $0.03840 range. 

On the downside, if the bears awaken, the asset could straightaway slip toward the support level at $0.03820. A failure to hold this line might push the formation of a death cross, and would send the PENGU price to its former low below the $0.03813 level.

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