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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Pudgy Penguins (PENGU/USDT) has captured market attention, climbing 8.50% over the past 24 hours to $0.03362. With a robust trading volume of $907.47 million, PENGU now holds a market cap of $2.1 billion, ranking #57 in the crypto space.
This uptick coincides with a symmetrical triangle pattern forming on the 4-hour chart, a signal of potential price consolidation before a significant move.
Immediate resistance is positioned at $0.03832, with further hurdles at $0.04330 and $0.04570. On the downside, support levels are observed at $0.03281, $0.02981, and $0.02642.
This setup offers traders key levels to watch as PENGU consolidates and prepares for its next decisive move.
Technical Indicators Suggest Neutral Sentiment
The Relative Strength Index (RSI) currently stands at 51, reflecting neutral momentum. This indicates a balance between buyers and sellers, with neither side dominating.
The 50-day Exponential Moving Average (EMA) sits at $0.03324, slightly below the current price, hinting at mild bullish sentiment in the short term.
However, the symmetrical triangle pattern underscores a period of consolidation.
A breakout above $0.03832 could signal a bullish surge, while failure to hold the $0.03281 support may invite bearish pressure.
Traders are closely monitoring trading volume for confirmation of a breakout or breakdown.
What’s Next for Pudgy Penguins?
On 2 hour chart of Pudgy Penguins, the symmetrical triangle highlights market indecision, but it’s also a precursor to strong price movements.
Traders are awaiting a volume surge to validate the direction of the next move. A breakout above $0.03832 could drive prices toward $0.04330 and $0.04570.
Conversely, a breach of $0.03281 support may see PENGU testing $0.02981 or lower.
Key Insights:
- Resistance Levels: Immediate resistance at $0.03832; further barriers at $0.04330 and $0.04570.
- Support Zones: Critical support at $0.03281, followed by $0.02981 and $0.02642.
- Technical Momentum: RSI at 51.11 reflects neutral sentiment; trading above the 50 EMA at $0.03324 hints at mild bullishness.
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