- After a 5% surge, Pudgy Penguins trades near the $0.032 mark.
- PENGU’s 24-hour trading volume has spiked by over 14%.
The crypto market is swinging between red and green waves lately. With a brief spike, the market cap has reached $3.71 trillion, and major assets have lit the green candles, attempting to reclaim their recent highs. Notably, ENS, PUMP, and CRV took the top gainers’ spot with double-digit gains in the last 24 hours.
In the interim, Pudgy Penguins (PENGU) is making an effort to recover, recording a surge of over 5.57%. PENGU opened the day trading at a low range of $0.02897. The quick bullish takeover has broken the crucial resistance between $0.02904 and $0.03451, triggering the price to mount toward a high of $0.03456.
As per CoinMarketCap data, Pudgy Penguins currently trades at around $0.03246 range, with its market cap reaching the $2.04 billion mark. In addition, PENGU’s daily trading volume has spiked by over 14.21%, touching $1.75 billion. As reported by Coinglass data, the market has seen a $6.50 million liquidation in PENGU in the last 24 hours.
Can PENGU Escape the Red and Soar Again?
The Moving Average Convergence Divergence (MACD) line of Pudgy Penguins is located briefly below the signal line. It implies that the momentum is on the bearish side, with market indecision or a temporary pullback. Besides, the Chaikin Money Flow (CMF) indicator value, sitting at 0.11, points to moderate buying pressure in the market. The capital is positively flowing into the asset, considered a bullish sign.
Assuming the bearish sentiment of PENGU could trigger the price down, it is supposed to find the nearby support at $0.03240. If the downside pressure intensifies, the asset might trigger the emergence of a death cross, pushing the asset back toward its former lows, below the $0.03233 range.
On the bullish note, the price might climb and test the resistance level of $0.03252. With the correction wave on the upside, Pudgy Penguins could form a golden cross to assist the asset to target a high at around the $0.03260 mark. Upon breaking this level, the powerful bulls would likely reinforce the uptrend.
Furthermore, the daily Relative Strength Index (RSI) found at 69.46 indicates that the asset is approaching overbought territory, showing strong bullish momentum. Also, raising the chance of a price cap or correction phase. PENGU’s Bull-Bear Power (BBP) value of 0.003818 signals that bulls have a slight upper hand in the market. But if the reading is weakening further, it may signal that a reversal is nearing.
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