Pudgy Penguins (PENGU) Price Gearing Up Towards A Bullish Trend Reversal After a 54% Drop

The Pudgy Penguins price plunged 54% in the last 24 hours to trade at $0.03117 as of 11:14 p.m. EST on trading volume that climbed to $2.2 billion.

The Pudgy Penguins (PENGU) price dropped sharply on Monday after the highly anticipated airdrop by the non-fungible token (NFT) project. However, despite the sell-off, PENGU fiyatı seems to be gearing up for a bullish trend reversal, with key technical indicators pointing toward a potential uptrend.

After a brief price spike to around $0.058, the Pudgy Penguins price faced significant selling pressure, driving it down. The price touched the lower support line of the falling wedge multiple times, indicating strong buyer interest at this level.

A breakout has occurred above the upper trendline, within the $0.02882 resistance, indicating a potential reversal from the downtrend, according to data from GeckoTerminal. This breakout suggests that the downward momentum may be exhausted, and buyers are stepping in to regain control.

The 50-day Simple Moving Average (SMA), displayed as a white line, indicates the recent price direction. Initially, the price consistently traded below the 50-day SMA, confirming bearish sentiment during the downtrend. However, the breakout above the 50-day SMA signals a shift toward bullish sentiment, as price action is now trading above this key moving average.

The Relative Strength Index (RSI) value currently stands at 57.74, which reflects a moderate bullish momentum. Earlier, the RSI surged toward overbought territory (above 70) after the breakout, indicating strong buying pressure during that phase. The current RSI near 57 shows that the market is neither overbought nor oversold, giving ample room for further upward movement if buying pressure continues.

The PENGU price action has successfully broken out of a descending wedge, a classic bullish reversal pattern. This suggests that buyers are regaining control, and a potential short-term uptrend could emerge. If the buying continues, PENGU could soar even higher as the bulls target the next possible resistance level at $0.045.

However, failure to maintain support at $0.029 might invalidate the breakout, and the price could revisit lower levels near the wedge’s lower boundary around $0.026.

As the Pudgy Penguins price plummets, some investors are turning to presale meme coins like the newly launched Flockerz (FLOCK). According to 99Bitcoins, a popular crypto channel on YouTube with over 706K subscribers, FLOCK has the potential to soar 100X after its launch.

Flockerz Presale Raises Over $7.1 Million

Flockerz has zoomed past the $7 million mark in its ICO. The project introduces the industry’s first incentive mechanism for active participation in a project’s decision-making process.

This vote-to-earn (V2E) mechanism, in which holders are paid in FLOCK just for voting, continues to attract investors eager for a more decentralized governance structure in current and future meme coins.

The underlying framework of Flockerz is anchored in a decentralized autonomous organization (DAO) called Flocktopia, where every holder’s voice matters.

To participate in the voting process, users must buy FLOCK tokens. When a new suggestion is presented, members of The Flock vote.

Apart from V2E rewards, users can earn passively through the platform’s staking mechanism, which offers a sky-high annual yield of 390%.

Investors interested in joining the presale can visit the official Flockerz website to buy FLOCK tokens at the current price of $0.0064523 each using BNB, ETH, or USDT.

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