- With a 13% surge, Pudgy Penguins has pushed the price to $0.032.
- PENGU’s daily trading volume has skyrocketed by over 359%.
The 1.13% spike in the broader crypto market cap has pushed it to reach $3.87 trillion. With this, the asset price charts are popping up in green, attempting to reclaim the lost momentum, including the tokens like Bitcoin and Ethereum. Meanwhile, Pudgy Penguins (PENGU) has registered a bullish presence with a 13.40% surge in price.
Pudgy Penguins has opened the day trading at a bottom range of $0.02865. Gradually, after testing the crucial resistance range between $0.02870 and $0.03330, the bulls took command over the asset, and the price hit a high of $0.03335. Moreover, the CMC data reports that at the time of writing, PENGU traded within the $0.03260 mark.
With the asset’s market cap touching $2.05billion, Pudgy Penguins’ daily trading volume has exploded by over 359%, reaching $617.12 million. According to the Coinglass data, the market has witnessed an event of liquidation of $1.46 million worth of PENGU in the last 24 hours.
Will the Pudgy Penguins’ Uptrend Hold?
The technical chart of PENGU displays that the Moving Average Convergence Divergence (MACD) line is settled above the signal line. This crossover is seen as a bullish signal. The wider the gap above the signal line, the stronger the bullish momentum is. It is crucial to note that the Chaikin Money Flow (CMF) indicator at 0.06 is slightly positive, with mild buying pressure in the market. It signals that the money is flowing into the asset, but not at very strong levels.
In addition, the Bull-Bear Power (BBP) reading of Pudgy Penguins, found at 0.004272 points that the bulls are currently dominant over the bears. But the momentum is weak, so the market is not strongly bullish or bearish, leaning a bit toward the bulls. PENGU’s daily Relative Strength Index (RSI) value of 76.58 is in the overbought zone. The asset has seen strong bullish momentum recently, and it may face a pullback or correction.
Pudgy Penguins could push the price up to find its immediate resistance at the range of $0.03267. Assuming the upside correction gains enough strength to trigger the golden cross to show up, the bulls might send the price above the $0.03274 mark. If the asset turns the momentum bearish, the price might slip to the nearest $0.03253 support. With the occurrence of a highly bearish correction, the death cross could emerge, and would push the PENGU price lower to retest $0.03246.
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