Will the 9% Jump Trigger a Breakout?

• Pudgy Penguins is trading at $0.0077 after a 9% gain.
• PENGU’s technical indicators are flashing bullish signals.

Pudgy Penguins (PENGU) has chosen to move on the upside, up by 9.63%, and is currently trading at $0.007779. It has recorded a 31% jump over the last month, with multiple sharp corrections on the chart. The monthly high is found at $0.0081, and the lowest is noted at around $0.0061, as per CMC data. 

An analyst suggests that there are very few resistance levels above the current price range. If the price manages to break out of this range, it could move upward quickly without facing strong selling pressure. 

Because of this, a short squeeze or rapid rally is expected, potentially pushing the price up by around 50% within a few days, especially if it climbs back above $0.01.

Besides, the bullish sentiment of Pudgy Penguins could trigger the price to move up to the $0.008219 resistance. If the upside strength decides to stay longer, the price might climb to $0.008765, with the formation of the golden cross. Upon breaking this range, more former highs would be encountered. 

On the downside, assuming PENGU bears are active and reclaim their lost ground, the price might slip toward the support at $0.007239. An extended loss would likely initiate the emergence of the death cross. The potential bears could push the asset back to its former low at around the $0.006710 mark. 

Indicators Turn Green for Pudgy Penguins, Signalling More Upside

Pudgy Penguins daily Relative Strength Index, stationed at 72.26, suggests that it is in the overbought zone, with the price having risen strongly. Significantly, the buyers are clearly dominating the market. It also may lead to a short-term pullback.

Moreover, the Bull Bear Power (BBP) reading of PENGU at 0.000824 indicates mild bullish pressure. Notably, the overall trend is quite weak, showing consolidation rather than a strong trend. If it climbs higher, buyers will gradually gain strength.

The Moving Average Convergence Divergence line has crossed over the signal line, and both are above the zero line. It reflects a bullish setup with the recent price action being stronger than the longer-term trend. 

As the MACD continued to stay above, it supports the continuation of the uptrend, though the momentum can fluctuate in the short term.

PENGU’s Chaikin Money Flow indicator value at 0.08 hints at mild buying pressure in the market. The money is flowing into the asset rather than out, and the buyers have a slight advantage, with the momentum still moderate. If the CMF rises, it signals growing accumulation and stronger bullish sentiment.

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