Recent recovery attempts in the cryptocurrency market have yielded moderate results, increasing the total market cap to $3.47 trillion. In this context, assets like Pudgy Penguins (PENGU) have shown significant growth.
Overview of PENGU's Growth
Pudgy Penguins (PENGU) became the leader among assets with a 32.81% increase. In the early hours, the asset traded at $0.01445, after which the price surged to $0.01983. At the time of writing, PENGU was trading at $0.01944, with a market cap reaching $1.21 billion. Daily trading volume surged by over 383%, totaling $766 million.
Technical Indicators Analysis
The MACD indicator shows that the line is above the signals, indicating building bullish momentum. However, the signal line is temporarily below zero, suggesting that the trend has not fully shifted to bullish. The Chaikin Money Flow indicator is recorded at 0.18, indicating strong buying pressure from investors.
Future Price Movements Outlook
With a positive investor sentiment, the price could reach the resistance level above $0.01952. If the buyer-side correction continues, Pudgy Penguins could form a golden cross and rise to the previous peak around $0.01965. In case of a downside movement, the relevant support may be at $0.01935, where the asset will face selling pressure.
Pudgy Penguins demonstrate strong bullish sentiments and significant growth, but the market remains volatile, creating risks for investors.
