Pudgy Penguins’ (PENGU) utility-driven meme coin has made significant gains over the past 24 hours. Its price has rocketed 34%, making it today’s top gainer.
PENGU has outperformed digital assets like Bitcoin (BTC) and Ethereum (ETH), which have seen minimal gains of 0.70% and 0.22%, respectively, over the same period.
PENGU Breaks Two-Month High with Strong Support
PENGU has reached a two-month high of $0.013 and is currently above its 20-day exponential moving average (EMA).
This key moving average, which measures an asset’s average trading days over the past 20 days and gives weight to recent prices, currently forms dynamic support below the token’s price at $0.0074.
When an asset trades above its 20-day EMA, its current price is higher than its recent average price over the last 20 days, signaling bullish momentum. This suggests that PENGU is experiencing upward pressure and is poised for further upward rallies.
Moreover, PENGU trades above the dots of its Parabolic Stop and Reverse (SAR) indicator, confirming this bullish outlook.
The Parabolic SAR indicator tracks an asset’s price trends and identifies potential trend reversal points. When its dots are placed under an asset’s price like this, the market is in an uptrend. This indicates that the asset’s price is rising, and the rally may continue.
PENGU’s Parabolic SAR also establishes a support level below its price at $0.0071, providing a solid buffer in the event of a price breakdown.
PENGU’s Bullish Push Could Face Setback
PENGU’s position above the 20-day EMA and the Parabolic SAR suggests that this upward trajectory could continue in the coming days. If buying activity strengthens, the meme coin could extend its gains to trade at $0.019, a high it reached three months ago.
However, a resurgence in profit-taking activity will invalidate this bullish projection. If PENGU holders begin to sell their tokens for profit, downward pressure on the token will spike. This will push its price below its 20-day EMA and the Parabolic SAR.
If this happens, the PENGU token could revisit its year-to-date low of $0.0037.
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Disclaimer
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