Pudgy Penguins (PENGU) soared approximately 30% in the last 24 hours, staging a robust recovery after hitting its lowest level on December 20.
This dramatic rebound is fueled by bullish momentum, with key indicators like RSI and CMF reaching all-time highs. The trend reflects strong buying pressure and renewed investor confidence in the meme coin.
PENGU’s RSI Hits Record High
The Relative Strength Index (RSI) for PENGU currently stands at 64.4, its highest level since launch. This elevated RSI signals intense buying momentum and underscores significant upward pressure on the token.
While it hasn’t entered the overbought zone (typically RSI > 70), the metric highlights growing market enthusiasm and potential bullish sentiment.
Key RSI Insights:
- Bullish Threshold: Values above 50 indicate upward momentum.
- Overbought/Oversold: >70 suggests overbought conditions; <30 signals oversold.
PENGU’s current RSI (64.4) nears overbought territory, implying short-term price gains if buying momentum persists. This positions PENGU among the top-performing altcoins recently.
PENGU’s CMF Spikes Overnight
The Chaikin Money Flow (CMF) for PENGU surged to 0.18, up sharply from 0.01 the previous day—a record high since the token’s debut. This reflects heavy capital inflow, strong buying pressure, and rising investor trust.
CMF at this level confirms buyer dominance, which could propel prices higher in the near term.
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Understanding CMF:
- Positive Values: Indicate accumulation/buying pressure.
- Negative Values: Signal distribution/selling pressure.
With CMF at 0.18, PENGU’s market sentiment is decisively bullish. However, traders should monitor for consolidation phases as profit-taking may emerge.
PENGU Price Prediction: Can It Reach $0.045 by December?
If the uptrend continues, PENGU could challenge its all-time high near $0.039. Breaking this resistance might pave the way for:
- Short-Term Targets: $0.040 (5% gain) and $0.045 (20% upside).
Conversely, if RSI enters overbought territory, a correction could test key supports:
- Critical Levels: $0.030 (initial support) and $0.0229 (deep correction).
FAQ Section
Q1: What’s driving PENGU’s recent price surge?
A1: Strong buying pressure, record-high RSI/CMF, and renewed investor interest in meme coins.
Q2: Is PENGU overbought now?
A2: Its RSI (64.4) is near overbought levels but not yet extreme, leaving room for further gains.
Q3: Where can I track PENGU’s price trends?
A3: Use platforms like GeckoTerminal or TradingView for real-time charts.
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Disclaimer:
This content is for informational purposes only. Always conduct independent research before investing. Actions taken based on this article are at the reader’s sole risk.
Note: Some content is AI-translated from BeInCrypto’s original English articles.
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