Pudgy Penguins (PENGU) Rallies 14% as Price Targets $0.016, $0.025, & $0.035

Pudgy Penguins (PENGU) is also making waves as its price action shows signs of strengthening after a prolonged period of consolidation. Analysts have observed improving chart structure, suggesting the asset may be approaching a key turning point with the potential for a trend reversal.

At the time of writing, Pudgy Penguins is trading at $0.01344, which has shown a 13.89% increase over the last 24 hours. The trading volume has increased to $551.85 million, and the market cap of the project has reached $847.39 million.

Source: CoinMarketCap

PENGU Price Compression Signals Breakout

Analysts are currently paying close attention to the chart patterns as price movements begin to consolidate. Cryptopulse pointed out that a significant support level is being maintained as buyers are entering at every dip.

Source: X

As the analyst explains, the price is compressing in a narrowing range on the weekly chart, which is a common precursor to a larger price movement. This might provide an opportunity if the momentum keeps building.

Pudgy Penguins Shows Bullish Shift

In addition to this positive forecast, analyst Crypto King has made a further observation that it seems the accumulation phase of PENGU has been completed. The analyst has indicated that the downtrend line has been breached, indicating that a new uptrend may begin.

Source: X

From a technical point of view, a number of levels are currently of interest. The first level that analysts are paying attention to is $0.016, followed by $0.025 and $0.035, should the momentum continue to build. A clean breakout above these levels could signal a fundamental shift in momentum.

Overall, Pudgy Penguins is about to enter a stage that many players in the market are keeping a close eye on. As the volume rises, the structure is getting better, and many analysts have picked up on the same signs; the next move of Pudgy Penguins may become clearer in the coming days.

Also Read | NEAR Breaks Above 21-Day Moving Average, Signals Shift in Short-Term Trend

PENGU Shows Weak Momentum but Stabilizing

RSI is at 43.33, well below the midpoint of 50, yet not oversold. This indicates that the momentum is weak but not deteriorating. The mean of the RSI indicator of 39.77 indicates that the selling pressure is slowing down. The price of $0.01343 is still below the MA ribbon. The major moving averages are between $0.01717 and $0.01873.

Source: TradingView

MACD remains in the negative region at 0.00069, which again confirms that overall bearish sentiment is prevailing on a weekly chart. The signal line is at 0.00269, which again remains on the bearish side. However, the diminishing size of red histogram bars shows a reduction in bearish strength.

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