PENGU Explodes 15% as Bulls Break Key Resistance, Next Stop $0.045?
- Pudgy Penguins price showing extreme bullish momentum on the daily technical chart.
- PENGU price surged by almost 15% in last 24 hours showcasing bullishness.
PENGU has shown great strength and a tremendous recovery that has drawn the attention of crypto traders and investors. The token has risen 15% in the past 24 hours based on CoinMarketCap data, and trading volume has soared by a phenomenal 171%, which means that there is a renewed interest and increased confidence among players in the market.
The technical image shows an interesting bullish story. PENGU recently surged past a very important resistance of $0.03080, which had been a strong barrier in the past. This breakout has been coupled with a high momentum, which has seen the price currently testing higher levels of $0.03494. The fact that the token has been able to maintain this upward trend is an indication that the conviction of buyers has not diminished despite the volatile times that have been experienced over the recent past.
The trend reversal story is a promising one, as narrated by the moving average structure. Although PENGU is currently trading above the 50-day EMA at $0.03080 and the 200-day EMA at $0.0171. The large gap above this long-term average indicates that the token has already laid a good ground for further upward movement. The downward trend line, which used to top rallies, seems to be losing its hold, and the price movements indicate that it is breaking out of this bearish restraint.
What Next For PENGU Price?
Technicals are also moving in the right direction towards further bullish action. The MACD indicator is showing good signs, and the momentum is improving, whereas the RSI of 58.21 is in the healthy range, above the neutral 50 mark and far below the overbought level, so there is still room to go. This RSI value indicates that the current rally does have legs and is not in imminent danger of a momentum exhaustion pullback.
The sentiment in the market is improving significantly as the social sentiment indicators depict a change from the negative to the neutral territory. This mood change, along with the fact that the trading volume has increased dramatically, is an indication that PENGU is drawing a wider market focus and may be getting new investors who had hitherto taken a back seat.
In the near future, the next logical target is at $0.045, which is a major psychological level. Provided that PENGU can sustain its current pace and still enjoy high volume support, this target will be reached in the near future and will represent a significant upside potential out of the current levels.
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PENGU Explodes 15% as Bulls Break Key Resistance, Next Stop $0.045?
- Pudgy Penguins price showing extreme bullish momentum on the daily technical chart.
- PENGU price surged by almost 15% in last 24 hours showcasing bullishness.
PENGU has shown great strength and a tremendous recovery that has drawn the attention of crypto traders and investors. The token has risen 15% in the past 24 hours based on CoinMarketCap data, and trading volume has soared by a phenomenal 171%, which means that there is a renewed interest and increased confidence among players in the market.
The technical image shows an interesting bullish story. PENGU recently surged past a very important resistance of $0.03080, which had been a strong barrier in the past. This breakout has been coupled with a high momentum, which has seen the price currently testing higher levels of $0.03494. The fact that the token has been able to maintain this upward trend is an indication that the conviction of buyers has not diminished despite the volatile times that have been experienced over the recent past.
The trend reversal story is a promising one, as narrated by the moving average structure. Although PENGU is currently trading above the 50-day EMA at $0.03080 and the 200-day EMA at $0.0171. The large gap above this long-term average indicates that the token has already laid a good ground for further upward movement. The downward trend line, which used to top rallies, seems to be losing its hold, and the price movements indicate that it is breaking out of this bearish restraint.
What Next For PENGU Price?
Technicals are also moving in the right direction towards further bullish action. The MACD indicator is showing good signs, and the momentum is improving, whereas the RSI of 58.21 is in the healthy range, above the neutral 50 mark and far below the overbought level, so there is still room to go. This RSI value indicates that the current rally does have legs and is not in imminent danger of a momentum exhaustion pullback.
The sentiment in the market is improving significantly as the social sentiment indicators depict a change from the negative to the neutral territory. This mood change, along with the fact that the trading volume has increased dramatically, is an indication that PENGU is drawing a wider market focus and may be getting new investors who had hitherto taken a back seat.
In the near future, the next logical target is at $0.045, which is a major psychological level. Provided that PENGU can sustain its current pace and still enjoy high volume support, this target will be reached in the near future and will represent a significant upside potential out of the current levels.
Highlighted Crypto News Today:
Bullish Energy Unleashed: Can Solana (SOL) Deliver More Gains or Hit Resistance?
Read More