Pudgy Penguins (PENGU) price surged approximately 30% in the past 24 hours, rebounding sharply after hitting a low on December 20.
This strong rebound is backed by clear bullish signals, with key indicators like RSI and CMF reaching historical highs, showing strong buying power in the market and restoring investor confidence.
PENGU's RSI has reached a new high.
PENGU's Relative Strength Index (RSI) has now reached 64.4, the highest value since the token's launch. An increase in RSI means strong buying pressure, indicating that the token is facing significant upward pressure.
Although the RSI has not yet entered the overbought region (commonly considered overbought if RSI exceeds 70), this level already reflects a recovery in market sentiment, and a potential bullish trend is also evident.
RSI is a commonly used momentum indicator that measures the speed and magnitude of price changes, with a value range from 0 to 100. Typically, an RSI above 70 indicates that the market may be overbought, and prices may adjust; while below 30 suggests that the market may be oversold, usually leading to a rebound.
Currently, PENGU's RSI is 64.4, close to the overbought zone, indicating that if the buying momentum continues, the price may continue to rise in the short term, making it one of the strongest altcoins in the past few days.
PENGU's CMF has also surged significantly in the last day.
PENGU's Chaikin Money Flow (CMF) is now at 0.18, a significant increase from the previous day's 0.01, marking the highest value since the token's launch. This indicates a large inflow of funds in the market, showing strong buying pressure and suggesting that investor confidence in PENGU is increasing.
This CMF value indicates that buyers dominate the market, which may continue to drive prices up in the short term.
CMF is a volume-weighted indicator used to measure the accumulation or distribution of an asset over a period, ranging from -1 to +1. A positive value indicates that the market is accumulating with strong buying pressure; a negative value indicates that the market is distributing with strong selling pressure.
Currently, PENGU's CMF is at 0.18, indicating very bullish market sentiment and strong inflow momentum. If this trend continues, PENGU's price may maintain its upward trajectory. However, such a high CMF also means that there may be a period of profit-taking consolidation. Therefore, it is crucial to continue monitoring whether the buying trend can be sustained or starts to weaken.
PENGU Price Prediction: Can PENGU reach $0.045 in December?
If the current upward trend continues, PENGU may approach the historical high of $0.039.
If this resistance level is broken, the next upward space may open up, with potential target prices of $0.040 and $0.045, representing an increase of about 20%.
However, if the RSI enters the overbought zone, it indicates excessive buying pressure, and the price may experience a correction. In this case, PENGU's price may first test the key support level of $0.030.
If this support level is broken, PENGU's price may further decline, potentially targeting $0.0229, marking a strong correction.