The price of Pengu (PENGU) has surged over 9% in a single day, reaching $0.0374 – breaking through key moving averages and attracting bullish attention from analysts. This comes after the token entered the top five gainers on crypto markets today, driven by both technical and on-chain factors. 📈
On-chain analyst Ali Martinez suggests Pengu’s price action follows a recognizable pattern: an initial boom followed by a decline, before another substantial rise. He predicts PENGU could reach $0.1 in the near future before hitting his ambitious target of $0.22.
Technical indicators support this bullish sentiment:
– The 7-day moving average and 30-day EMA have been broken, signaling strong momentum.
– Positive MACD signal with a bullish crossover.
– RSI-14 at 58.1 suggests ample upside before entering overbought territory.
The surge in price is also driven by on-chain developments:
– A partnership with Suplay (a Chinese collectibles company) has enabled the creation of Pudgy Penguins trading cards and blind boxes targeting the lucrative Asian market.
– Collaboration with Lufthansa for earning miles via their platform adds real value to community members.
However, this optimistic trend is not without challenges:
– Market volatility remains a key factor, requiring vigilance as conditions change.
– Further analysis of Pengu’s price movement and potential for sustained growth will be crucial.