- •PENGU aims for $0.035 after potential breakout above $0.026 resistance level.
- •RSI recovery and MACD crossover point to possible bullish shift for Pudgy Penguins.
- •Smart money exits suggest cautious market sentiment despite recovery signals.
Pudgy Penguins ($PENGU) is showing signs of recovery as its price moves closer to key resistance levels. Traders are watching closely, with a potential breakout above $0.026 that could push the price toward $0.035. Recent technical indicators suggest the possibility of a bullish momentum shift, although the market remains cautious.
PENGU Eyes $0.035 Target
PENGU is showing signs of a potential recovery, with price action suggesting that it may rise above the key resistance level of $0.026. If it manages to close above this point, analysts predict a possible move towards $0.035. This comes after a period of downward movement in the market, with the token currently trading around $0.023.
Several indicators are pointing towards a potential bullish shift for $PENGU, though market conditions remain cautious. Traders are closely watching the support level around $0.0236, which has held up in recent hours.
Price Nears Critical Support Level
However, the current trading price of Pudgy Penguins is around $0.0232, marking a 6.85% drop in the past 24 hours. Despite the recent decline, $PENGU has been trading near a support level of approximately $0.0236. This could present an opportunity for the price to rebound if it maintains stability above this level.
According to GemXBT, $PENGU is showing signs of a slight upward movement, with price action suggesting a potential recovery. The Relative Strength Index (RSI) is also recovering from oversold conditions, which could signal that buying pressure is building. The Moving Average Convergence Divergence (MACD) is approaching a bullish crossover, further suggesting potential upward momentum.
Volume and Market Sentiment
Meanwhile, despite the moderate price movements, trading volume has been relatively stable. The 24-hour trading volume for Pudgy Penguins stands at over $269 million, indicating healthy market interest. While volume is not explosive, the current levels suggest that cautious optimism is present among traders.
Based on Stalkchain, $PENGU has been the most sold token by smart money in the last 24 hours. This data suggests that some investors are taking profits or exiting positions, which could add downward pressure if selling continues. This trend contrasts with the recovery potential seen in other indicators.