Is PENGU on Track for a Strong Finish to 2024?

• PENGU surged 40% in 24 hours, reaching an intraday high of $0.03929 and topping the gainers list.
• RSI and CMF show strong bullish momentum, signaling potential growth for PENGU.

In the Asian trading hours, the global crypto market opened the Christmas trading session with a slight recovery as Bitcoin bounces back to the $98K zone after dipping to the $92K range on December 24th. This current uptrend has sent some green across the crypto market, with the overall market cap soaring about 3.5% to $3.43 trillion.

However, leading altcoins are still lagging behind their previous highs. Meanwhile, the native token of the Pudgy Penguins NFT project has been making headlines. The price of PENGU has climbed nearly 40% in the last 24 hours—reaching an intraday high of $0.03929—topping the gainers’ list.

At the time of writing, PENGU is trading at $0.03512, with a market cap of $2.19 billion and daily trading volume surpassing $1.6 billion.

This impressive rally in PENGU price is supported by strong bullish momentum. Key indicators like the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) have hit all-time highs, reflecting increased buying pressure and renewed investor confidence. 

Can PENGU Break Resistance and Reach New Highs?

Following the current upward momentum and the previous enthusiasm, the question remains: Will PENGU hit $1 zoon?

On the 4-hour chart, PENGU is forming an ascending triangle pattern. This pattern occurs when the price forms higher lows while resistance at the top remains relatively flat. It often signals a potential breakout in the direction of the trend, usually upward, if the resistance is breached. 

Zooming in, both RSI and CMF align with a breakout scenario. RSI at 64 signals bullish momentum but is not yet in the overbought zone (>70). This suggests there’s room for further upward movement for PENGU. The CMF measures the flow of money into and out of an asset. A positive value like 0.27 suggests significant buying pressure.

If the current momentum continues, PENGU could break its recent resistance at $0.039 and aim for new highs, potentially reaching $0.044 and $0.052—representing an approximate 20% upside.

A continued uptrend could see PENGU pushing toward an all-time high of $0.057, with $0.071 and $0.098 as the next resistance levels. However, if the price faces rejection, the altcoin may dip back to the $0.030 zone.

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