Pudgy Penguins (PENGU) Coin Analysis Indicates a Bullish Trend

Pudgy Penguins (PENGU) coin analysis indicates a bullish trend, with a current price of $0.03724, reflecting a 0.54% increase in the last 24 hours.

Pudgy Penguins (PENGU) coin price analysis reveals a bullish trend with an uptick in price. Here's a closer look at PENGU's technical analysis, price predictions, and key levels to watch.

The PENGU coin price today is $0.03724, showing a 0.54% increase in the last 24 hours. However, the coin price experienced a downturn of 1.36% over the past week, indicating a slight bearish movement. The coin's market capitalization is around $2.32 billion, and the 24-hour trading volume is $1.21 billion. The price action suggests a period of consolidation after a sharp rally.

Technical Analysis

The technical analysis of PENGU coin price indicates a bullish trend with potential buying opportunities.

The Relative Strength Index (RSI) is nearly oversold, indicating a potential buying opportunity. When the RSI falls below 30, it typically suggests that an asset is oversold and might be due for a price increase. However, it's important to note that RSI can remain oversold for extended periods, especially in strong downtrends.

The 50-day Moving Average (MA) is $0.032134, indicating a bullish trend. The price is trading above the 50-day MA, which is a key indicator of a long-term uptrend. Moreover, the 50-day MA is rising, which adds strength to the bullish trend.

The price is consolidating above the ascending trendline and $0.0376 support, with a potential breakout targeting higher Fibonacci extensions. The price encountered support at the ascending trendline and the 0.236 Fibonacci retracement level, preventing further downside. Moreover, the consolidation might be leading to a potential breakout attempt.

Price Predictions

The price predictions for PENGU coin are bullish, with an expected rise in value.

Bullish price prediction for 2024: $0.043524 to $0.053783.

Bearish price prediction for 2024: $0.028114.

Key Levels to Watch

The key levels to watch for PENGU coin price are as follows:

Immediate support: $0.0388 (0.236 Fibonacci retracement) and $0.0361 (0.382 retracement).

Immediate resistance: $0.043 (resistance zone from Wave iii top).

Major resistance: $0.0503 (2.618 Fibonacci extension) and $0.0538 (3.618 extension).