The price of the chubby penguin (PENGU) has surged about 30% in the past 24 hours, rebounding significantly after hitting a low on December 20.
This dramatic recovery is accompanied by bullish momentum, with key indicators like RSI and CMF reaching historical highs, reflecting strong buying pressure and renewed investor confidence.
PENGU RSI is at an all-time high.
The PENGU Relative Strength Index (RSI) is currently 64.4, marking the highest value 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 territory (typically considered when RSI is above 70), this level reflects increased market enthusiasm and potential bullish sentiment.
PENGU RSI. Source: GeckoTerminal.
RSI is a popular momentum indicator that measures the speed and magnitude of price changes on a scale of 0 to 100. Values above 70 indicate overbought conditions, which may lead to a price correction, while values below 30 indicate oversold conditions, which typically precede a rebound from oversold levels.
PENGU RSI is 64.4, nearing the overbought territory, 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 increased in the last day.
PENGU's Chaikin Money Flow (CMF) is currently 0.18, a significant increase from 0.01 a day ago, marking the highest level since the token's launch. This substantial rise indicates a large influx of capital, reflecting strong buying pressure and growing investor confidence in altcoins.
The CMF at this level indicates that buyers are dominating the market, which may support continuous 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 0.18, and the current market sentiment is decidedly bullish, meaning that if capital continues 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 continue or begin to weaken.
PENGU Price Prediction: Can PENGU reach $0.045 in December?
If the upward trend continues, PENGU may approach a historic high of around $0.039.
Breaking through this resistance level may pave the way for further upward movement, with potential targets of $0.040 and $0.045, providing an upside potential of about 20%.
PENGU 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 further decline to $0.0229, marking a strong pullback.