- Pudgy Penguins (PENGU) jumps 13.42%, trading at $0.04210 with $2.54B volume and $2.63B market cap.
- Analyst Ali Martinez signals bullish momentum, citing the 10-day SMA as a reliable bounce zone near $0.035.
- Breakout targets are set at $0.076 to $0.097 if volume holds and sentiment remains strong.
Pudgy Penguins (PENGU), a popular but growing NFT-themed virtual currency, is catching new attention with a breakout in its price movement. There had been some volatility across industries fueled by doubts in the macroeconomic sector.
PENGU has healthy recovery signs. Speculators are taking special notice of the token, with it attempting to regain lost ground and break out to some upper resistance regions.
At the time of writing, PENGU is trading at $0.04210, having recorded a major 13.42% increase within the last 24 hours. Moreover, the token was observed with a notable 24-hour trading volume of $2.54 billion, a market capitalization of $2.63 billion, and a market dominance of 0.07%.
Such statistics not only signify rising token interest but are also signs of the token possibly embarking on a new bull run following a resurgence in investor morale in the broader crypto market.
Also Read | Pudgy Penguins Faces Resistance: Will It Break Through and Hit $0.07?
Pudgy Penguins (PENGU) Price Prediction
Technical indicators are in favor of the bull case in PENGU at the moment, based on respected crypto analyst Ali Martinez. Martinz pointed to the importance of the 10-day Simple Moving Average (SMA), which has always proved to be a reliable springboard to greater price momentum in the token price.
“Every time $PENGU touches the 10-day SMA, we’re due for a significant bounce,” Martinz highlighted. “Given that the SMA sits at present near $0.035, this could be a perfect buy-the-dip area for bull investors.”
Martinz further pointed out that in the event the trend continues, there are chances that PENGU will rally up to $0.076 and might reach up to $0.097, especially in the event volume continues and general market sentiment remains bullish. These targets are based on the latest breakout trends and historical support-resistance patterns within and around the 10-day SMA.
The broader altcoin bull trend and newly emerging investor appetite for community and meme cryptocurrencies such as Pudgy Penguins are catalyzing a major portion of its current momentum.
With speculative money coming back to the crypto landscape, technical and sentiment-driven tailwinds are set to benefit PENGU in the upcoming days. With healthy volume, a healthy market cap, and technicals in place for more upside, Pudgy Penguins will likely lead a new breakout altcoin wave sometime shortly.
That being said, just like with all cryptocurrencies, we urge traders to research thoroughly and consider potential risks before entering any positions.
Also Read | Pudgy Penguins Breaks $0.045, Will Gains Continue?
