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Pudgy Penguins (PENGU) On a Roll: Here's What You Need to Know
Hey there! You wanna know about Pudgy Penguins (PENGU), the crypto sensation that's been making waves lately? Straightup, let's dive in!
PENGU's market has been on a bull run, fueled by a whopping 137% gain in just two weeks. It's flipped its market structure from bearish to bullish, and the current support at $0.0108 looks solid.
Bitcoin's (BTC) 15% rally over the past fortnight has given breathing room to many altcoins, but PENGU outperformed 'em all! Its strength relative to BTC is impressive.
The NFT floor price for Pudgy Penguins is trending north, too, hitting 11.5 ETH at press time, up from 9.54 ETH on 17 April.
Time to Halt and Consider: A Deeper Retracement Isn't Far Off
On the one-day chart, PENGU broke past resistance levels like a boss in the second half of April, with a spike in trading volume. But, after reaching $0.0141, the bulls met a brick wall.
Fibonacci retracement levels show that PENGU could descend further, with the key support levels at $0.0082 and $0.0066. These could offer buying opportunities upon retest. The OBV has been on a steady climb over the past month, surpassing mid-March highs, signifying a hike in demand for PENGU. The RSI seems to be falling from overbought territory as the price retraces, hinting at a cool-down period.
Watch Out for Liquidation Levels
According to Coinglass, there's a buildup of liquidation levels at $0.012 and $0.00966. The $0.0083-level might be another attractive "magnetic zone," aligning with the 61.8% retracement level. This data suggests that PENGU could see further downside before resuming its rally.
Disclaimer: This article isn't financial advice. It's just a lowdown on what's happening with Pudgy Penguins.
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- The bull run of Pudgy Penguins (PENGU) has been impressive, with a 137% gain in two weeks, flipping its market structure from bearish to bullish.
- While Bitcoin (BTC) has also rallied, PENGU has outperformed other altcoins, showing strength relative to BTC.
- The NFT floor price for Pudgy Penguins is currently at 11.5 ETH, up from 9.54 ETH on 17 April.
- However, a deeper retracement isn't far off for PENGU, as indicated by Fibonacci retracement levels and the Relative Strength Index (RSI) falling from overbought territory.
- Key support levels for PENGU are at $0.0082 and $0.0066, which could offer buying opportunities upon retest.
- There is a buildup of liquidation levels at $0.012 and $0.00966, suggesting that PENGU could see further downside before resuming its rally.
- The surge in demand for PENGU, as indicated by the On Balance Volume (OBV), has surpassed mid-March highs.
- It's important to remember that this article is not financial advice, but a discussion on the current state of Pudgy Penguins in the context of crypto finance and technology.
