|

PENGU Resumes Rally After Bullish Retest—$0.90 Ahead?

PENGU price chart

TL;DR

  • PENGU held assist at $0.0316, confirming breakout with Fibonacci targets now at $0.0466 and $0.0761.
  • The chart exhibits a bullish flag sample; a breakout may push PENGU towards $0.074, greater than doubling its present worth.
  • MACD and Stochastic RSI level to robust momentum, although near-term pullbacks stay a risk.

Price Pushes Higher After Retest

Pudgy Penguins (PENGU) was buying and selling at $0.037 at press time, exhibiting a ten% achieve previously 24 hours with a buying and selling quantity of $528 million. Over the final week, the token has risen by 9%, signaling stronger curiosity from merchants.

On the 12-hour chart, PENGU had damaged out above a descending channel that had saved costs transferring decrease since late July. The breakout was confirmed as $0.032 held as assist in the course of the retest. Fibonacci ranges counsel subsequent targets round $0.047, $0.064, and $0.076, with prolonged projections pointing towards $0.096 if momentum continues. Analyst Ali Martinez stated,

Bullish Flag Signals Higher Target

Analyst Bitcoinsensus highlighted a bullish flag sample forming after months of sideways buying and selling earlier this 12 months. The breakout from accumulation created a steep flagpole, adopted by a pullback inside a downward channel.

This construction is usually learn as a continuation setup, the place consolidation is adopted by one other push greater. Bitcoinsensus famous,

At present ranges close to $0.037, that may imply greater than doubling in worth if the breakout confirms.

In addition, Momentum readings align with the bullish setup. The MACD line has moved above the sign line, and the histogram has flipped optimistic, pointing to constructing energy on the upside.

The Stochastic RSI is trending greater at 78 and 66, near the overbought vary. This suggests intense buying pressure but additionally leaves room for short-term pullbacks earlier than additional strikes greater.

PENGU price chart
Source: TradingView

Growing Presence in Traditional Markets

Beyond buying and selling charts, PENGU is establishing itself in conventional finance. The founding workforce of Pudgy Penguins reported that each the mission and the token made an look in Bullish (BLSH) Q2 earnings report on the NYSE. The point out launched the mission to a broader monetary viewers.

Structurally, the charts level greater with indicators assuring momentum. Outside consideration is coming in as nicely. PENGU stays beneath lively scrutiny as merchants ponder whether or not the rally can lengthen towards the projected ranges.

The put up PENGU Resumes Rally After Bullish Retest—$0.90 Ahead? appeared first on CryptoPotato.

Similar Posts