• PENGU climbs 6.75% in 24 hours, but a 3.96% drop in trading volume signals market uncertainty.
• A 15.46% drop over the past week raises concerns about PENGU’s short-term market stability.
• Holding above $0.036 could trigger a rebound toward $0.044, driven by increasing bullish momentum.

Pudgy Penguins (PENGU) is currently trading at $0.03569, an increase of 6.75% over the last 24 hours. However, the trading volume of the same period decreased by 3.96% to $664.47 million. This is an indication of market volatility and, therefore, some uncertainty about the direction of the price of PENGU.

Source: CoinMarketCap

Over the last week, PENGU has decreased by 15.46%. This steep fall emphasises the ability of this coin to continue moving upwards. The week overall has not been good despite the current increase in prices. This drop has cast doubt on the short-term market stability of PENGU.

PENGU’s $0.0315 Support May Drive Rally to $0.044

Crypto analyst Ali Martinez highlighted that PENGU has reached a support level at $0.0315. This is supported by high volume profile demand. Martinez noted that the TD Sequential indicator displayed a buy signal. 

As long as cryptocurrency stays above $0.036, there is a possibility of a rebound towards $0.044. The possibility of such restoration is something being keenly observed by traders in the token.

Source: X

Furthermore, another analyst, CryptoBull, mentioned that there are bullish signals in the price dynamics of Pudgy Penguins. The coin is developing momentum on a horizontal trend line, with resistance on a broadening wedge pattern on its 4-hour chart.

According to CryptoBull, as long as Ethereum (ETH) continues to hold its bullish movement, the token may experience a temporary price increase. The increasing volume can also be a catalyst to drive the coin up.

Source: X

Also Read: Injective (INJ) Price Jumps 6% – Is a Breakout to $37 Coming Soon?

RSI and MACD Indicate Pudgy Penguins Upward Momentum

The value of the Relative Strength Index (RSI) is 59.93. This shows that the coin is not yet in an overbought state and has more capacity to increase. The Moving Average Convergence Divergence (MACD) is also reflecting a positive change. The signal line at 0.00045 and the MACD line at 0.00016 indicate that the token may have more room to move in an upward direction.

Source: TradingView

Trading Volume Declines, But Open Interest Continues to Grow

CoinGlass data shows that the trading volume of cryptocurrency has decreased by 14.90% to $2.05 billion. In the meantime, the Open Interest has increased by 3.95% and reached $412.28 million. The OI-Weighted Funding Rate is -0.0027%. These figures reflect a continued presence of interest in tokens despite the recent decline in the volume of trading.

Source: CoinGlass

This volatility is being followed closely by traders and analysts as cryptocurrency navigates it. The strength of the coin to maintain above vital support and support the bullish momentum will determine the short-term price movement.

Also Read: PENGU Price Analysis: Will It Explode Toward $0.00028 Soon?