PENGU experienced a notable rise of 10.7% in the past 24 hours, participating in the overall meme coin surge. This altcoin showcased resilience amidst mixed signals in the broader market.
As meme coins collectively saw their market capitalization increase by 5% to $80.9 billion, PENGU emerged as one of the standout performers.
Pudgy Penguins Receive Investor Backing
The Relative Strength Index (RSI) is currently elevated above the neutral 50.0 threshold, indicating a bullish momentum. This technical indicator implies that PENGU’s price could continue its upward trajectory as confidence builds among investors in meme assets.
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Momentum indicators reveal increasing buying pressure, essential for sustaining short-term rallies. If the RSI remains strong, PENGU might continue its ascent toward higher price levels.
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The Chaikin Money Flow (CMF) indicator has risen back into the positive territory above the zero line, indicating strong inflows into PENGU. This uptick reflects renewed investor interest in meme coins, despite overall market uncertainty.
Ongoing inflows are vital for PENGU, as meme coins heavily depend on momentum and sentiment. The increase in CMF suggests that traders are allocating funds toward the asset, reinforcing its status as one of the day’s most active meme coins.
PENGU Price Continues to Gain
As of now, PENGU is priced at $0.0376 following its 10.7% increase. The token aims to establish this level as support while aiming for resistance at $0.0404, which could mark the next significant milestone in its upward journey.
With strong readings from the RSI and CMF, PENGU stands a good chance of maintaining this momentum. The indicators suggest support from both retail traders and market inflows, enhancing optimism for further gains past the immediate resistance.
Nevertheless, there are potential downside risks. Should overall market conditions turn negative, PENGU may struggle to maintain its current levels. A decline below $0.0363 could push the token down to $0.0334, invalidating the bullish outlook and reversing some of its recent gains.
