• Pudgy Penguins (PENGU) faces a 14.18% decline in 24 hours but has gained 26.69% in the past week.
• Support is holding at $0.0375 with RSI in overbought territory, suggesting a potential price pause or retreat.
• The coin is nearing key resistance at $0.0425, and a correction to $0.035 could offer a buying opportunity.

Pudgy Penguins (PENGU) is trading at $0.038, representing a 14.18% decrease over the past day. Trading volume has also declined by 30.51% to an amount of $1.9 billion over the same period. Nevertheless, the coin has increased by 26.69% over the last week, and it has a good chance of recouping its recent losses. 

Source: CoinMarketCap

GemXBT highlighted that PENGU had made a major upside with a high rate of $0.0425, followed by stabilisation at around $0.041. The coin is currently supported at $0.0375. Relative Strength Index (RSI) is peaking and entering overbought territory, which is used as a sign of potential pause or price retreat. The reduced trading volume and MACD momentum further indicate a stabilisation of the price unless new catalysts arise to drive the market.

Source: X

Pudgy Penguins Bullish Momentum

Alpha Crypto Signal mentioned that the PENGU has managed to maintain the neckline zone, which is a major support area. After this, the coin experienced a bullish run as predicted and was holding a bullish form. The price should continue to hold above the neckline to put the outlook in a positive direction. Traders are advised to monitor the possibility of a price move to higher resistance levels. This positive momentum might be extended in case the market remains bullish.

Source: X

Also Read: PENGU Open Interest Climbs $591 Million As Price Targets $0.038

CryptonautX has also expressed concern because PENGU is nearing an extensive milestone-resistant area. This level can potentially trigger a correction by not allowing the price to go even higher. If there is a pullback, PENGU can fall to around $0.035. This, however, may be a selling point to traders wishing to get into the market at a lower level. In case the bullish sentiment remains, the resistance could be broken, and PENGU could target a $0.07 goal upon a possible correction.

Source: X

Trading Volume Decline

According to CoinGlass data, the trading volume has decreased by 21.23% and is currently at $4.69 billion. Open Interest has also decreased by 28.97% and is currently at $532.78 million. The PENGU OI-weighted Funding Rate is 0.0080%, indicating that market sentiment remains stable despite recent fluctuations.

Source: CoinGlass

However, the technical indicators reflect that Pudgy Penguins can still increase in value despite the recent drop. However, the market is unpredictable, and traders should be vigilant. Gains are possible, but one must be cautious and keep a close eye on any signs of further market corrections.

Also Read: Pudgy Penguins Breaks $0.045, Will Gains Continue?