Pudgy Penguins (PENGU) is showing signs of consolidation as it tests critical resistance and support levels. With the RSI remaining above 50, the token could gain bullish momentum if it breaks key barriers.
Currently, Pudgy Penguins is trading at $0.007005 on March 12, with a 24-hour volume of $131.54 million and a market capitalization of $440.35 million, making up 0.02% of the total market volume. Over the last 24 hours, PENGU has risen moderately by 0.50%, trading in a consolidating phase after a strong downtrend.
Pudgy Penguins is consolidating and has not shown any clear trend, neither up nor down, according to a recent post by analyst Crypto TXG. It recently broke and touched $0.00773 resistance, but was rejected again, showing that the market is indecisive again about PENGU.
The post highlighted that a decisive move above resistance or below support could signal the start of the next major trend. Traders are closely watching these key levels, as a breakout may trigger bullish momentum, while a drop below support could indicate a bearish shift.
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The asset has been on a run from recent low levels and is currently pulling back to the initial support zones where it broke out in recent times. The relative strength index is also pulling back from overbought levels and is currently holding above 50. Moreover, the asset is also holding above its primary volume node, and some analysts believe this is a positive sentiment for the asset’s potential uptrends.
Technical analysts also believe that if support is provided in the range between $0.0061 and $0.0064, PENGU has the potential to move towards $0.0085 and possibly towards the range of $0.0095-$0.010, where resistance levels are high. Analysts believe that a potential uptrend is possible if a tight stop-loss is identified. However, if the asset falls below the levels of $0.0061 and trades below the volume shelf, the uptrend is negated, and the downtrend is likely to continue.
As meme coins regain attention in the crypto space, PENGU’s price action in the coming days will be closely watched for indications of whether it can sustain upward momentum or face further downward pressure.
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