The price of Budgie Penguins (PENGU) has surged by around 30% in the past 24 hours, rebounding sharply after hitting a low on December 20.
This dramatic recovery was accompanied by bullish momentum, with key indicators such as the RSI and CMF reaching all-time highs, reflecting strong buying pressure and renewed confidence from investors.
PENGU's RSI is at an all-time high
PENGU’s Relative Strength Index (RSI) is currently at 64.4, its highest value since its launch. This high RSI indicates strong buying momentum, suggesting that the token has seen significant upward pressure.
While it has not yet reached the overbought zone, which is usually considered an RSI above 70, this level reflects increased enthusiasm in the market and the possibility of a bullish sentiment.
RSI, a popular momentum indicator, measures the speed and magnitude of price movements on a scale of 0 to 100. Values above 70 indicate an overbought condition that could lead to a correction in price, while values below 30 indicate an oversold condition, often preceding a recovery.
With PENGU RSI at 64.4, it is approaching the overbought zone, suggesting that its price could continue to rise in the short term if the buying momentum continues. This would make PENGU one of the best performing altcoins in the past few days.
PENGU CMF has risen in the last day.
PENGU’s Chaikin Money Flow (CMF) is currently at 0.18, a significant increase from 0.01 just a day ago, marking its highest level since the token’s launch. This sharp rise indicates a significant inflow of capital, reflecting strong buying pressure and growing confidence from investors in the altcoin.
CMF at this level indicates that buyers are dominating the market, which may support a continued rise in prices in the short term.
The CMF is a volume-weighted indicator that measures the accumulation or distribution of an asset over a given period, and ranges between -1 and +1. Positive values indicate accumulation and buying pressure, while negative values indicate distribution and selling pressure.
With PENGU’s CMF at 0.18, the current market sentiment is conclusively bullish, meaning the token could maintain its upward momentum if the inflows continue. However, these highs could also lead to a period of consolidation as traders lock in profits, making it imperative to monitor whether the buying trend will continue or start to reverse.
PENGU Price Prediction: Can PENGU Reach $0.045 in December?
If the uptrend continues, PENGU could approach its all-time high of around $0.039.
A breakout of this resistance could pave the way for further gains, with potential targets at $0.040 and $0.045, representing an approximate 20% upside.
However, if the RSI enters the overbought zone, indicating excessive buying pressure, a price correction may follow. In such a case, PENGU price may test $0.030 as the first major level.
If this support fails, PENGU price could drop further to $0.0229, indicating a strong correction.
