The fleeting recovery attempt has pushed the crypto market cap to the $2.46 trillion mark. As the broader sentiment is fear, both loss and gain charts are hanging in the market. The assets like Bitcoin and Ethereum try to escape the bearish fence. Meanwhile, Pudgy Penguins (PENGU) has recorded a spike of 2.05%.
The asset’s lowest and highest trading range is found between $0.007094 and $0.007511, respectively. At the time of writing, Pudgy Penguins traded within the $0.007301 range, and the market cap has reached $456.73 million. In addition, the daily trading volume of PENGU has briefly dropped to the $152.26 million level.
Zooming in on the active bullish sentiment of Pudgy Penguins, the price action could climb to the resistance at around $0.0074. Assuming the bullish pressure strengthens, it may trigger the formation of the golden cross and take the price to its former highs.
On the flip side, if the token reversed the momentum, the bears could emerge and push the PENGU price down to the support at $0.0072. A steady correction on the downside might initiate the death cross to take place, and later it will send the price even lower.
Technical Setup for Pudgy Penguins Turns Positive
Pudgy Penguins’ Moving Average Convergence Divergence line is positioned above the signal line, which indicates the presence of bulls in the market. The price movements are stronger than the average trend, and may turn stronger if the MACD continue to rise.
It is worth noting that the Chaikin Money Flow (CMF) indicator, at 0.12, suggests moderate buying pressure in the PENGU market. Notably, money is flowing into the asset, showing steady accumulation. If it rises further above, it supports additional upside.
The Bull-Bear Power (BBP) value of 0.000410 implies very weak bullish dominance. As it is extremely close to zero, the Pudgy Penguins market is nearly balanced, with neither buyers nor sellers having strong control. Moreover, the daily Relative Strength Index (RSI) of PENGU is at 57.81, signalling moderate bullish sentiment. It reflects improving buying strength but remains below the overbought zone, with enough room for further upside.
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