Key Takeaways
- PENGU has gained the attention of crypto experts and investors following its impressive price rally, with the price aiming for $1.
- PENGU’s daily timeframe suggests bulls are controlling prices, as this could see a rally towards $0.1.
- The price of PENGU could see a short-term price retracement, but the overall trend is bullish.
Pudgy Penguins (PENGU) has been a revelation for many crypto traders and investors in the last few weeks. Following an impressive price rally with over 100% gain in the last four weeks, PENGU token is one of the most successful NFT (Non-fungible token) airdrops to the crypto community on the Solana network or users of the Solana Phantom wallet.
Following a successful airdrop distribution, the price rallied to a new all-time high, generating much speculation of the PENGU price hitting a potential $1 mark, setting the pace for other upcoming NFT airdrops. However, this speculation was short-lived, as the PENGU price crashed by over 85% towards a region of $0.005.
From a region of $0.006, where PENGU price began to gain strong bullish price action, it has seen an impressive rally by over 100% towards a region of $0.013, as the price has more upside potential if the current bull rally is sustained.
Is PENGU A Good Investment?
While PENGU’s price action in the last few weeks has been encouraging following a daily timeframe breakout from a downtrend, as the price looks for a continuous rally to the upside, traders and investors are advised to carry out due diligence, as crypto altcoins are highly volatile.
Traders and investors are speculating a potential rally for PENGU price towards a high of $0.01 as the price has shown a strong bullish breakout on a higher timeframe. If PENGU trades above $0.03, we could see a strong price push towards $0.07 and possibly $0.1.
How High Can PENGU Go?
Source – PENGU 1M Price Action From Coinmarketcap
Current market analysis and indicators for PENGU price points to strong bullish price action as this crypto token trades above its 50-day and 200-day EMAs, indicating a strong bullish price dominance as the price could rally towards new highs of $0.1.
Following a recent strong rally, the price of PENGU could see a minor price retracement, which is termed healthy because it gives room for more price rally. The price of PENGU must form a strong demand zone to allow bullish continuations to the upside.
The PENGU price has the potential to go as high as $0.1 if it breaks above a key resistance of $0.037 in the coming weeks, giving bulls more liberty to rally its price higher. If the price of PENGU struggles to trade above $0.037 with strong volume, it could decline to a lower support point of $0.025 or lower.
