Pudgy Penguins (PENGU) Maintains an Upward Trend

Although the price action in the Pudgy Penguins daily market is currently experiencing a minor downward retracement, it remains above key technical landmarks. This suggests that the market is still maintaining an upward trend. Let’s take a closer look at the market below.

PENGU Statistics:

PENGU Price: $0.04190

Pudgy Penguins Market Capitalization: $2.62B

Pudgy Penguins Circulating Supply: 62.86B

PENGU Total Supply: 88.88B

Pudgy Penguins CoinMarketCap Rank: 54

Key Price Levels:

Resistance: $0.04500, $0.05000, $0.05500

Support: $0.04000, $0.03500, $0.03000

PENGU Market Stays Above the $0.04000 Threshold

On the Pudgy Penguins daily chart, price action has been trading above the $0.04000 price level for the past three sessions. It has also been above the drawn upward-sloping trendline on the chart. The last price candle has shown a slight downward retracement but keeps the market above the psychological support at the $0.04000 price level.

Similarly, price action remains above the available 20-day Moving Average (MA) Lines. Meanwhile, the Stochastic Relative Strength Index (RSI) indicator lines are converging for a potential crossover in the overbought region. Therefore, while the market still exhibits a general upward trajectory, traders should be prepared for a potential further downward retracement.

Pudgy Penguins May Rebound Off a Nearby Support

As observed in the PENGU 4-hour market, price action has been rising from higher lows, technically maintaining the impression that the market is in an uptrend. Similarly, price action has spent most of its time above the MA curves. However, over the past two sessions, the market has been experiencing a continuous downward retracement.

Although price action remains above all the available MA lines on the price chart, the Stochastic RSI lines fall steeply into the oversold region. Nevertheless, price action hasn’t been falling very sharply, and the last red price candle has appeared smaller than the previous ones, keeping prices just above the 20-day MA lines. Therefore, this suggests a possible upward rebound off the 20-day MA or the $0.04100 price mark towards the $0.04500 mark.

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