• PENGU faced a key resistance at $0.0370, with support at $0.0299 for potential breakout.
• Market sentiment showed optimism, with rising Open Interest and balanced liquidation dynamics.

Whale activity has captured the spotlight in the Pudgy Penguins [PENGU] market, as a newly created wallet transferred $3.13M worth of tokens from Binance.

This significant move coincided with a surge in momentum, driving PENGU’s price up by 15.14% to $0.03435, while 24-hour trading volume soared 113.43% to $734.47M.

At press time, PENGU held a market cap of $2.14B. With such explosive growth, many are questioning whether PENGU can maintain its bullish momentum or if volatility is around the corner.

PENGU’s critical levels

PENGU’s recent price movements indicated key resistance and support levels that traders were closely observing. The token peaked at $0.0351 but faced significant resistance at $0.0370.

A breakout above this level could pave the way for further upward momentum, potentially targeting $0.04. 

Conversely, the $0.0299 support level is crucial; any drop below this may weaken the bullish narrative. Therefore, traders should monitor these levels carefully as the market tests its next direction.

Technical indicators reveal mixed signals

Looking at technical indicators, the MACD signals growing bullish momentum as the histogram turns positive and the MACD line moves above the signal line.

This aligns with recent price increases, suggesting optimism. 

However, the ADX, which measures trend strength, was 21.39 at press time, indicating weak trend reinforcement. 

This suggests that while the upward trend is evident, it lacks the strong conviction required for sustained growth. Therefore, further confirmation from these indicators is necessary.

Go to Source to See Full Article
Author: Erastus Chami

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