Pudgy Penguins (PENGU/USDT), which has increased by 8.50% in the last 24 hours to $0.03362, has attracted the attention of market participants. With a trading volume of $907.46 million, PENGU is ranked 57th with a market value of $2.1 billion.

This rise in PENGU’s price appears to be consistent with the symmetrical triangle formation on the 4-hour chart. This formation is considered a pattern that could signal a consolidation phase ahead of a significant price move.

The nearest resistance level is at $0.03832, followed by $0.04330 and $0.04570 respectively. On the other hand, support levels are identified at $0.03281, $0.02981 and $0.02642.

Technical Indicators Present a Neutral Outlook

The Relative Strength Index (RSI) is currently at 51, indicating neutral momentum, suggesting a balance between buyers and sellers.

The 50-day Exponential Moving Average (EMA) is at $0.03324, slightly below the current price. This suggests a slight positive sentiment in the short term. However, the symmetrical triangle formation suggests that the price could consolidate for a while longer. A break above $0.03832 could trigger an uptrend, while a break of the $0.03281 support could increase downward pressure. Investors are closely monitoring PENGU price developments and trading volume.

Future Predictions for Pudgy Penguins

The symmetrical triangle pattern seen on the 2-hour chart of Pudgy Penguins suggests that the market is indecisive, but such formations are often considered as a precursor to strong price movements.

Traders are waiting for an increase in trading volume to confirm the direction of the price move. If there is a break above $0.03832, the PENGU price could rally towards $0.04330 and $0.04570 respectively. On the other hand, if the $0.03281 support breaks, there could be a move towards the $0.02981 levels or lower.

Important Levels:

  • Resistance Levels: The first resistance is at $0.03832, followed by the $0.04330 and $0.04570 levels.

  • Support Levels: The critical support is at $0.03281, while the next levels are $0.02981 and $0.02642.

  • Technical Momentum: The RSI at 51.11 suggests the market is neutral. PENGU trading above $0.03324 suggests a slightly optimistic sentiment.