Do insiders have any idea why Budgies are up 10% amidst the market chaos?
The market is watching Penguin Budgie (PENGU/USDT), which is up 8.50% in the last 24 hours to $0.03362. With a market cap of $2.1 billion and a high trading volume of $907.47 million, $PENGU is currently ranked 57th in the cryptocurrency industry.
A symmetrical triangle pattern formed on the 4-hour chart, an indication that prices may consolidate before a big move, occurs at the same time as this rally.
At $0.03832, you will find immediate opposition; at $0.04330 and $0.04570, you will find more obstacles. We can see that $0.03281, $0.02981 and $0.02642 provide support on the downside.
As PENGU consolidates and prepares for its next big move, this setup provides important levels to watch for traders.
At $0.03324, just below the current price, the 50-day exponential moving averages (EMA) are indicating a slight bullish trend in sentiment in the near term.
However, the consolidation phase is marked by a symmetrical triangle pattern.
A break above $0.03832 will signal an upside rally, but if $0.03281 is not held, downside pressure could be on the horizon.
In order to confirm a breakout or breakdown, traders closely monitor the trading volume.
What is the future of the Skoochie penguins?
A symmetrical triangle indicates market uncertainty, and on the 2-hour chart of Budgies, significant price fluctuations are likely to follow.
To confirm the direction of the next move, traders are waiting for an increase in volume. Prices may range between $0.04330 and $0.04570 if $0.03832 is broken.
If the support at $0.03281 is broken,#pengucould drop to $0.02981.
Key points:
Resistance Levels: $0.03832 is acting as an immediate barrier, with further hurdles at $0.04330 and $0.04570.
Critical support areas: $0.03281, $0.02981, $0.02642 follow.
Technical Momentum: With an RSI of 51.11, we can see that the sentiment is neutral. However, we can also see that trading above the 50 EMA at $0.03324 indicates a slight uptrend.