Will a 20% Pump and 226% Volume Boost Send PENGU to $0.020?

• PENGU is hovering around the $0.011 mark.
• Daily trading volume has skyrocketed by 226%.

The recovery attempts of the crypto market are failing back to back, and the market cap is stable at around $3.28 trillion. Notably, both the red and green candlesticks pop up, pushing the assets to losses and gains, with the Fear and Greed Index reading positioned at 49, which reflects neutral momentum

Meanwhile, Pudgy Penguins (PENGU) has broken the bearish string, posting a steady surge of over 20.49%, emerging as the top gainer and the trending coin. PENGU’s mighty bullish wave has triggered the price to test the crucial resistance

The asset opened the day trading at a bottom range of $0.009317. Gradually, the bulls step in and have broken the resistance between $0.0093 and $0.010, driving the PENGU price up to a high of $0.01128 At the time of writing, the asset traded within the $0.01127 zone

With a market cap of $708 million, PENGU’s 24-hour trading volume has skyrocketed by over 226%, reaching $284 million. Besides, the PENGU market experienced a notable liquidation event worth $999.84K, as per Coinglass.

Can PENGU Slide Into a New Bull Run?

The active bullish sentiment of PENGU has the potential to push the price up to the immediate resistance range of $0.01095. If the upside correction stays, the asset might trigger the emergence of a golden cross, which drives the price to its crucial zone above $0.01105, and likely a rally could take place to its former highs

Contrarily, assume that the bears show up, initiating a downward price action, the asset could slip toward its nearby support at the $0.01079 level. An extended correction on the downside might invite the death cross to unfold, and the bears will push the PENGU price back to its previous lows at around the $0.01070 mark

*PENGU chart (Source: TradingView)*PENGU’s technical assessment reports that the Moving Average Convergence Divergence (MACD) line is settled above the signal line. This indicates bullish momentum, with the potential to rise further. In addition, the asset’s Chaikin Money Flow (CMF) indicator found at -0.06 suggests that the money is flowing out of the asset, and a mild selling pressure is present in the market

Moreover, the asset’s Bull-Bear Power (BBP) reading, staying at 0.001607, implies that the bulls have the upper hand, but the overall momentum is weak. PENGU’s daily relative strength index (RSI) sits at 75, signalling its overbought condition, which may hint at a potential pullback or correction.

Highlighted Crypto News

Hoskinson Proposes Yield Strategy for Cardano’s $1 Billion Treasury