Meme Coin Pudgy Penguins (Pengu) is the top winner of today, jumping nearly 10% in the last 24 hours despite the wider market pullbacks.
Today’s rally will gain the bullish momentum that began after Altcoin escaped from the descending parallel channel on June 27th. Since then, Pengu has surged over 50%, marking one of the strongest recovery of Meme Coins in the past month.
Pengu breaks out and increases profits of 50%
Pengu/USD’s one-day chart measurements show that between May 14th and June 26th, Altcoin was traded within the downward parallel channel.
This pattern appears when the asset’s price drops continuously, the lows become lower and moves between two downward parallel parallel trend lines. It reflects a downward trend as sales pressures weakens and bullish sentiment.
But things changed on June 27th, when Pengu was closed on this channel and then the rally began. The price of Meme Coin, which is currently trading at $0.015, has risen 50%.
Pengu Flash Strong Purchase Signals
Technical indicators show that Pengu is poised to extend these benefits in the short term. For example, at the time of writing, the token’s Aron Up line is 100%. This means that Pengu’s current uptrends are strong and backed by critical demand not driven by speculative trading.
The asset AROON indicator measures the strength and orientation of trends by tracking the time since the highest and lowest prices over a specific period. It consists of two lines: Aronup, which measures ferocious momentum, and Aron, which tracks bearish pressure, goes down.
Like Pengu, when Aron Up Line reaches 100%, assets have recently reached new highs, showing strong upward momentum and dominant bullish trends. This suggests that there is high purchasing pressure and prices may continue to rise.
Additionally, the setup of the token’s moving average convergence branching (MACD) indicator supports this bullish outlook. During pressing, Pengu’s MACD line (blue) is placed above the signal line (orange), highlighting the market’s bullish strength.
MACD indicators identify trends and momentum in price movement. This helps traders find potential purchase or sale signals through a crossover between the MACD line and the signal line.
Similar to Pengu, when the MACD line crosses above the signal line, it shows positive momentum, suggesting an increase in purchasing activity. Traders could interpret this setup as a purchase signal and put even more upward pressure on the price of meme coins.
Penga’s eyes break out when the bull pushes higher
If current momentum applies, Pengui could quickly defeat the next level of resistance at $0.017 and try to flip it over to the support floor.
A successful violation of this price range could drive Altcoin to $0.019.
Conversely, if you can’t maintain the current trend, the Pengu token will cost $0.012.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always conduct your own research and consult with an expert before making a financial decision. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
