- A 5% surge lifts Pudgy Penguins to $0.03280.
- Trading volume for $PENGU jumps 55%.
The recent recovery attempts have made the crypto market enter the greed zone, with the Fear and Greed Index value holding at 62. The market cap has been pushed toward the $4.27 trillion mark. Notably, the tokens have been charted in both green and red. The largest, Bitcoin (BTC), has hit a new ATH, while Ethereum (ETH) trades at around $4.6K.
Meanwhile, Pudgy Penguins (PENGU) has posted a 5.08% gain in value. Its bullish encounter has triggered the asset to test the key resistance zones between $0.03129 and $0.03393 to confirm the uptrend. In the morning hours, PENGU traded at a low of $0.03124, and the bulls sent the price to a high of $0.03398.
At the time of writing, Pudgy Penguins traded at around the $0.03280 level, with a market cap of $2.04 billion. Besides, the daily trading volume of the asset has surged by over 55.61%, reaching $590.66 million. The Coinglass data has reported that the market has experienced a liquidation of $1.06 million worth of PENGU in the last 24 hours.
Furthermore, the Ali chart exhibits that PENGU has bounced off the lower support of its trading channel around $0.027–$0.028. The price is moving upward toward the resistance zone near $0.044. It points out a potential bull run if the support holds and the price breaks past intermediate resistance near $0.034–$0.035.
Is a Major Breakout Coming for Pudgy Penguins?
The Moving Average Convergence Divergence (MACD) is settled above the signal line, which indicates bullish momentum. The buyers have the current upper hand, and the Pudgy Penguins price may continue rising. In addition, PENGU’s Chaikin Money Flow (CMF) indicator is at 0.01, indicating a brief positive buying pressure in the market. A small amount of capital is flowing into the asset. But the momentum is weak and is not strong enough to confirm a clear uptrend.
The Bull-Bear Power (BBP) reading positioned at -0.000327 shows that the bears have a very slight dominance in the PENGU market. The value is close to zero; it could easily tilt either way depending on upcoming price action. Additionally, Pudgy Penguins’ daily Relative Strength Index (RSI) is at 52.84, which implies a neutral market condition. At press time, there is no strong bullish or bearish momentum.
Moreover, looking at the price chart, the ongoing bullish sentiment is hovering around the asset. If the bulls gained more strength, it might push the Pudgy Penguins price up to the resistance level at around $0.03288. Upon the formation of the golden cross, the price could climb to a high above $0.03296.
Assuming the PENGU price initiates a downside correction, the price could instantly slip and find the immediate support at $0.03272. With the sturdy bearish pressure, the death cross might take place, and it may push the asset’s price down to retest its former lows between the $0.03265 and $0.03255 range.
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