Is $0.020 Still on the Radar for Pudgy Penguins (PENGU) Despite Sluggish Movement?

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Is $0.020 Still on the Radar for Pudgy Penguins (PENGU) Despite Sluggish Movement？

• Pudgy Penguins hovers near the $0.013 mark.
• PENGUs 24-hour trading volume has jumped 112%.

The crypto market has opened the trading day on a bearish note, with the market cap slipping by 1.97% to $3.31 trillion. All major crypto assets are charted in red, but the overall sentiment is greed as the Fear and Greed Index reading is holding steady at 71. Notably, Helium and UNUS SED LEO are the two gainers in the last 24 hours.

Meanwhile, Pudgy Penguins (PENGU) has registered a modest drop of over 2.91%. The asset‘s potent bullish shift could only appear after testing the key resistances. PENGU’s daily low was recorded at the range of $0.01368. The brief bullish command has broken the $0.01436 and $0.01685 resistance zones, sending the price to a high of $0.01742.

At the time of writing, Pudgy Penguins traded within the $0.01394 range, with a market cap of $876 million. Moreover, its daily trading volume has increased by over 112%, reaching $588 million. As per Coinglass data, the market has experienced a $2.05 million liquidation in PENGU.

Contrarily, Pudgy Penguins has recorded a gain of over 189% in the last thirty days. It began trading the month at around the $0.0048 level. Later, the bulls took charge and pushed the asset to the current trading range.

Will Pudgy Penguins Break Free from the Dip？

The brief bearish sentiment that emerged on the four-hour trading window of Pudgy Penguins could trigger the price fall to the $0.01389 level. If the bearish pressure stays, the asset might form the death cross, driving the asset to decline toward $0.012. Further losses may push the price to former lows.

Assuming the asset initiates a steady upside correction, the Pudgy Penguins price might ascend to the range of $0.015. An extended bullish wave could initiate a golden cross, with the potential of pushing the asset higher to its recent highs at around the $0.01621 mark. Breaking above this level reinforces the uptrend.

PENGUs Moving Average Convergence Divergence (MACD) line is positioned below the signal line. This crossover is likely bearish with more downside potential ahead. Besides, the Chaikin Money Flow (CMF) indicator found at 0.01 implies a slightly positive money flow into the asset, with a marginal buying pressure in the market.

Additionally, the asset‘s Bull-Bear Power (BBP) reading of -0.000570 suggests the bears have a slight edge, but it is not strong enough to confirm full control. Pudgy Penguins’ daily relative strength index (RSI) is stationed at 49.61, indicating neutral momentum in the market, neither overbought nor oversold and is in a consolidation phase.