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Pudgy Penguin Price Soars 13% as Analyst Predicts a Rally to $0.041

Highlights:

  • Pudgy Penguin price soars 13%to $0.0373 with the trading volume increasing by 58%.
  • Crypto analyst predicts a rally to $0.04, as PENGU breaks out of the descending channel.
  • Technical indicators suggest further upside, with the bulls eyeing 21% in the short term.

Pudgy penguin price has soared 13% to $0.0373, as its trading volume spikes 58% to $683 million. Meanwhile, a popular crypto analyst has predicted furher upside, as Pudgy Penguin price has broken out of a descending parallel channel. According to analyst Ali Martinez, PENGU could be poised for a rally to $0.04. 

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Diving into the statistics of the derivatives analysis of the $PENGU coin, it becomes obvious that market participants are already active in interacting with the asset. The open interest has soared 14% to $437 million. On the other hand, the volume has increased by 25.74% to $1.84 billion. The rise suggests a greater depth of involvement in the marketplace, indicating increased trader confidence. 

PENGU Derivatives Data Analysis. Source: CoinGlass

Further, the analysis indicates that the long/ short movements carried out during the past 24 hours have a ratio of 1.0044. This indicates an even distribution in market sentiment between players betting that the trend will continue or might face a decline. The derivative market on the main exchanges, such as Binance or OKX, is rather interesting in dynamics.

Meanwhile, in the past 24 hours, PENGU has seen a total of $1.40 million liquidation, with the shorts taking the lion’s share of $1.04 million. It indicates the presence of bullishness in sentiment, which is strongly being responded to by the market. Traders who are in short positions have suffered a substantial loss.

Pudgy Penguin Price Breaks Out of a Descending Channel – How High Can PENGU Go?

According to the 4-hour chart outlook, Pudgy Penguin price has shown a strong bullish muscle, breaking out of a descending parallel channel. Currently, the token is up 13% to $0.0372, painting the bigger picture as bullish. The moving averages, including the 50-day (0.03492) and 200-day (0.03124), are good support points. Notably, if these zones hold strong, the PENGU token could continue the upside movement, potentially to $0.04. 

Pudgy Penguin price
PENGU/USD 4-hour chart: TradingView

The RSI sits at 63.46, indicating that the asset is not yet overbought, which allows further momentum. In the meantime, MACD indicators predict that the price of PENGU will increase further. This is manifested as the blue MACD line (0.000058) has flipped above the signal line (0.0002), upholding a buy signal. 

PENGU Bulls Eye 12% Gains in the Short Term

There are several supports at $0.0312 (200 SMA) and $0.0349 (50 SMA), which have held strong. Moreover, traders are betting on a dovish outcome, which could lead to more volatility. In the short term, Pudgy Penguin price might test the $0.040 again soon, especially if volume holds, marking 12% gains. 

However, an overextension could pull the PENGU price back to $0.0349 if early profiteering commences. The RSI nearing 70 is a heads-up to stay sharp. Market sentiment on X is turning optimistic. No major red flags yet, but in crypto, volatility is the name of the game.

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