Pudgy Penguins Pump 11%, Is It Time to Ride or Slide?

• With Pudgy Penguins’ 11% surge, the price is hovering at $0.037.
• PENGU’s daily trading volume has soared by more than 58%.

The recent 2.76% spike in the crypto market has pushed the market cap to $3.82 trillion. With the overall market sentiment staying in the neutral zone, the majority of the assets are in green, and their prices are seeking to go up. Bitcoin, the largest asset, is trading at $116.8K and Ethereum, the largest altcoin, is hovering at $3.8K. Notably, Pudgy Penguins (PENGU) leads the altcoin pack with top gains

PENGU’s 11.78% increase in price has triggered the asset to visit its daily high of $0.03729. The asset opened the day trading at a bottom level of $0.03267, as the powerful bears took control. Meanwhile, Pudgy Penguins’ steady bullish encounter has tested and broken the crucial resistance zones between $0.03271 and $0.03725.

At the time of writing, PENGU trades within the $0.03708 mark, with its market cap reaching $2.34 billion. Moreover, the asset’s daily trading volume is up by over 58.35%, touching the $683 million range. As reported by the Coinglass data, the market has witnessed $986.95K worth of PENGU liquidations during this interval.

Are Pudgy Penguins Ready to Soar or Slip?

Pudgy Penguins’ Moving Average Convergence Divergence (MACD) line crosses above the zero line. However, the signal line is below zero, which indicates that the long-term momentum remains weak and shows the early stages of a possible uptrend. In addition, the Chaikin Money Flow (CMF) indicator of PENGU at -0.04 suggests a slight selling pressure. With the value close to neutral, it is pointing to the balanced market trend

*PENGU chart (Source: TradingView)*Besides, the asset’s daily Relative Strength Index (RSI) is positioned at 59.97, which hints at a moderate bullish sentiment. There is room for further upside before it hits the overbought zone. Pudgy Penguins’ Bull-Bear Power (BBP) reading settled at 0.002165 is positive but weak, signalling a slight bullish strength. The market is in an indecisive phase with no strong momentum in either direction.

The PENGU bulls could send the price up and test the key resistance level at around $0.03715. Assuming the correction on the upside strengthens, the asset might push the golden cross to take place, and the price would climb above $0.03722 range. If Pudgy Penguins invites the bears, the price might immediately plummet toward the support at $0.03701. With a sturdy downside correction, a death cross could likely unfold, and drive the price to the $0.03694 level.

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