Pudgy Penguins (PENGU) is currently trading at $0.03023, with an increase of 0.53 percent within the last 24 hours. The trading volume has fallen by 6.22% and is currently standing at $325.07 million. This denotes a change in market movement signaling a deceleration in trading.
Source: CoinMarketCap
The PENGU price has experienced a decline of 8.79% in the past week. In spite of this decline, the coin registered some improvement in the 24 hours. Traders are closely monitoring its performance to indicate a potential revival.
Crypto analyst Alpha Crypto Signal highlighted that PENGU broke out of a falling wedge pattern first to hit a high of $0.039. This action struck the initial take-profit mark. But the wave took a pause, and then the pace decreased, and PENGU slipped downward off the wedge formation.
The collapse indicates a reluctance among buyers, transforming previous support into resistance. PENGU needs to regain this resistance point to continue moving upwards.
Once PENGU overcomes this critical resistance point, the bullish momentum may restart and approach the level of between $0.042 and $0.046. The coin can also go on with the downward pressure since possible rejections at this stage will further push the price down.
Source: X
The Relative Strength Index (RSI) of PENGU is at 42.78 with a range of neutral to slightly bearish. A reading of below 50 indicates doubt in the market. A further decrease in the RSI may indicate oversold markets, whereas an increase above 70 may indicate overbought markets.
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The Moving Average Convergence Divergence (MACD) exhibits a downward divergence. The long-run MACD is -0.000596, the short-run MACD is -0.000128 and the signal line is +0.000468. This implies the presence of bearish short-term momentum because the values of the MACD reveal diminishing purchasing power.
Source: TradingView
According to CoinGlass data, trading volume has grown by 2.09%, though it stands at $659.92 million. Open Interest has increased by 1.88%, currently at $284.85 million. The current OI-Weighted Funding Rate stands at 0.0047%, which establishes a neutral market position. As PENGU moves through these market conditions, its capacity to penetrate key resistance levels will play a critical role in its further price movement.
Source: CoinGlass
PENGU had a downturn in the previous week but, in the last 24 hours, has seen slight improvement. The resistance zone is the next level that would indicate the future direction of a coin. The traders will also be keen on the token to regain this zone to identify an impending bullish trend.
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