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Will PENGU Fly in September? Analysts Predict Major Upside

PENGU price chart

TL;DR

  • PENGU trades in a falling channel, nearing breakout zone with Fibonacci targets as much as $0.191.
  • RSI and transferring averages present cooling momentum, however the broader uptrend stays technically intact.
  • New Pudgy Penguins sport goes dwell as quantity spikes and analysts eye $0.14 resistance zone.

Pullback Varieties Bullish Setup on the Chart

Pudgy Penguins (PENGU) is buying and selling round $0.029, displaying a decline of 4% within the final 24 hours and 10% over the previous week, based mostly on present market knowledge. The current drop follows a robust rally earlier this summer time and has introduced the value again into a variety seen as a key assist zone.

On the every day chart, PENGU is transferring inside a falling channel after a pointy rise from under $0.008 to only beneath $0.046 in July. The value is now close to the 0.786 Fibonacci retracement degree at $0.0317, which is usually watched throughout corrections for indicators of a reversal.

Crypto analyst Ali Martinez described the present transfer as a “wholesome pullback” and instructed {that a} new leg larger may type in September. If PENGU breaks above the highest of the falling channel, the subsequent value zones may lengthen to $0.0466, $0.070, $0.098, $0.141, and $0.191, based mostly on Fibonacci extensions.

Analyst Sees $0.14 as Key Goal If Help Holds

In accordance with @XFinanceBull, PENGU has returned to a purchase zone between $0.025 and $0.032. The trendline from earlier this yr stays intact, and the value continues to commerce above it. “This factor rips previous $0.14 simply,” the analyst said, referring to the subsequent resistance degree that would come into play if demand will increase.

An extended-term value degree of $0.560 can be marked on the chart. Whereas that is removed from present costs, it displays attainable upside if adoption continues via merchandise, video games, and different use circumstances which might be at the moment not priced in.

Momentum Slows However Broader Pattern Nonetheless Intact

On the weekly chart, PENGU sits beneath its 9-week transferring common ($0.0338), however it’s nonetheless above the 21-week transferring common ($0.0210). This means some short-term weak spot, however the long-term pattern stays intact, supplied PENGU doesn’t transfer under the decrease transferring common.

In the meantime, the RSI studying of 54 is a bit bit under its 14-week common of 55, which signifies some deceleration in momentum. Considerably extra telling is the truth that it’s nonetheless above 50, which signifies that the patrons are nonetheless in management.

PENGU price chart
Supply: TradingView

Moreover, a cellular sport that includes Pudgy Penguins characters launched globally on August 29. Developed in partnership with Legendary Video games, the title contains mini-games, digital gadgets, and Web3 options. Legendary can be recognized for different titles akin to NFL Rivals and Blankos Block Celebration.

In accordance with Coinglass, the buying and selling quantity elevated by 58% to $716.72 million, with open curiosity declining by 5% to $275.33 million. This means some merchants are scaling again their positions amid an uptick in short-term exercise. Market individuals are eager to watch whether or not PENGU can overcome the necessary resistance barrier this month.

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