The price of the short and stout penguin (PENGU) has surged about 30% in the past 24 hours, rebounding sharply after hitting a low on December 20.
This dramatic recovery is accompanied by bullish momentum, with key indicators such as RSI and CMF reaching all-time highs, reflecting strong buying pressure and renewed investor confidence.
PENGU RSI is at an all-time high.
The Relative Strength Index (RSI) for PENGU is currently at 64.4, the highest since its launch. The rising RSI indicates strong buying momentum, suggesting that the token has been facing significant upward pressure.
Although it has not yet entered the overbought zone (typically considered RSI over 70), this level reflects increased market enthusiasm and potential bullish sentiment.
PENGU RSI. Source: GeckoTerminal.
The RSI is a popular momentum indicator that measures the speed and change of price movements on a scale of 0 to 100. Values above 70 indicate overbought conditions, which can lead to price adjustments, while values below 30 indicate oversold conditions, often preceding a rebound from oversold levels.
PENGU RSI is at 64.4, nearing the overbought zone, indicating that if buying momentum continues, its price may continue to rise in the short term. This would make PENGU one of the best-performing altcoins in recent days.
PENGU CMF rose in the last day.
PENGU's Chaikin Money Flow (CMF) is currently at 0.18, a significant increase from 0.01 a day ago, marking the highest level since the token's launch. This dramatic rise indicates a large influx of capital, reflecting strong buying pressure and increasing investor confidence in altcoins.
The CMF at this level indicates that buyers are dominating the market, which may support continued price increases in the short term.
PENGU CMF. Source: TradingView.
CMF is a volume-weighted indicator that measures the accumulation or distribution of an asset over a given period, ranging from -1 to +1. Positive values indicate accumulation and buying pressure, while negative values indicate distribution and selling pressure.
PENGU's CMF is at 0.18, with current market sentiment being extremely bullish, meaning that if funds continue to flow in, the token may maintain its upward momentum. However, such a high level may also lead traders to lock in profits, resulting in a period of consolidation, making it crucial to monitor whether buying trends persist or begin to weaken.
PENGU Price Prediction: Can PENGU reach $0.045 in December?
If the upward trend continues, PENGU may approach historical highs around $0.039.
Breaking through this resistance level could pave the way for further gains, with potential targets of $0.040 and $0.045, representing an upside of about 20%.
Penguin Price Analysis. Source: GeckoTerminal.
However, if the RSI enters the overbought zone, it indicates excessive buying pressure, and the price may adjust accordingly. In this case, the PENGU price may test $0.030 as its first key level.
If this support fails, the PENGU price may fall further to $0.0229, marking a strong correction.
