- Pudgy Penguins (PENGU) showcases a bullish 4-hour chart structure, maintaining stability above mid-range support at $0.312.
- Contrasting hourly chart exhibits a bearish structure with crucial $0.35 support level being key for short-term market direction.
Pudgy Penguins (PENGU) has exhibited contrasting patterns, with a bullish posture on the 4-hour chart and bearish tendencies on the hourly timeframe. The critical task for PENGU in the immediate future is the defense of the $0.35 support level within the next 24-48 hours.
The recent surge in PENGU’s market capitalization over dogwifhat (WIF) as of December 26 signifies a pivotal shift in investor sentiment, establishing it as more than just a transient meme coin. This is corroborated by the ascending floor prices of the Pudgy Penguins NFT collection, indicating robust demand in the crypto ecosystem.
PENGU’s price has fluctuated between $0.394 and $0.289. Despite limited historical data, this range allows for cautious price forecasting. On the 4-hour technical chart, PENGU remains firmly above the mid-range support of $0.312.
The Chaikin Money Flow (CMF) index sits above +0.05, signaling substantial capital inflows into the memecoin. However, a decline in trading volume over the past few days should not be overlooked.
The breakout attempt on December 25, characterized by average trading volume, points to a tentative market stance. This event is expected to lead to another evaluation of the overhead resistance levels.
The Directional Movement Index (DMI) on this timeframe strengthens the case for a continuing bullish trend, with both the +DI (green) and ADX (yellow) positioned above 20.
Shifting focus to the 1-hour chart, the situation appears less favorable. The initial breakout has been entirely reversed, forming a bearish structure. The stability of the $0.35 hourly order block is now essential for maintaining bullish momentum.
The decline from the recent peak of $0.435 correlates with a decrease in Open Interest, suggesting that the short-term market sentiment is mildly bearish. However, this does not necessarily indicate a strong inclination toward widespread short selling at this juncture.
