All the major crypto assets are briefly swept by green, with the market cap reaching $4.09 trillion. The digital assets are seeking the power to reclaim the lost momentum. Notably, the overall neutral market sentiment, as the Fear and Greed Index reading is holding at 51. Particularly, Pudgy Penguins (PENGU) have been chosen to trade on the upside, gaining by over 12.21%.
In the morning hours, the asset traded at a low level of $0.03302. With the bullish wave, the price climbed toward a high range of $0.03749. To substantiate the uptrend, PENGU has tested the crucial resistance between $0.03307 and $0.03744 zones. According to the CoinMarketCap data, Pudgy Penguins currently trade at around the $0.03753 mark.
Moreover, the asset’s market cap has reached $2.38 billion. PENGU’s 24-hour trading volume has soared by over 95.04%, touching $574.26 million. In addition, the market has experienced a 24-hour liquidation event of $1.21 million worth of Pudgy Penguins, as reported by the Coinglass data.
In the meantime, a chart shows that PENGU has broken out of its falling channel, retested the breakout level, and held support, confirming a bullish setup. The price action suggests the rally is resuming, with Fibonacci targets pointing toward $0.047, $0.065, and potentially $0.09 if the momentum continues.
With the Pudgy Penguins’ positive outlook, the bulls could push the price to move up toward the resistance range at $0.03759. If the bullish correction strengthens, the golden cross may take place, leading the price to go high above $0.03765. Assuming the bearish shift, the PENGU price could slip to its nearby support at the $0.03747 level. Upon the bears applying more pressure to the downside correction, a death cross might unfold, and take the price below the $0.03740 mark.
The Moving Average Convergence Divergence (MACD) line is found above the zero line, indicating the overall trend is bullish. However, the signal line is below zero. If it climbs over zero, it could confirm a stronger uptrend. Besides, PENGU’s Chaikin Money Flow (CMF) indicator value of 0.32 suggests a strong buying pressure in the market. Also, the capital is flowing into the asset, which shows bullish sentiment.
Pudgy Penguins’ daily Relative Strength Index (RSI) is stationed at 67.81, signalling that it may approach the overbought territory. The asset gives a strong bullish presence, but it may experience a short-term pullback. Furthermore, the Bull-Bear Power (BBP) reading of 0.004101 implies a slightly bullish-dominated market. The positive values hint that buyers are marginally stronger than sellers, though the strength is modest.
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