- PENGU seemed to have a bullish 4-hour structure, bearish on the hourly timeframe
- Defense of the $0.35-level is critical over the next 24-48 hours
As a researcher with years of experience in the crypto market, I have seen my fair share of bullish and bearish structures. After carefully analyzing Pudgy Penguins (PENGU), it seems that we are teetering on the edge of a range formation breakout.
On December 26th, the market value of Plump Penguins (PENGU) surpassed Dog-What (WIF). This shift in position indicates a lasting presence for the meme coin known as Pudgy Penguins in the market, based on its price trends over the past week.
Actually, the increasing floor prices for the Pudgy Penguins NFT series hint at a possible demand for the PENGU token within the ecosystem as well.
PENGU teases range formation breakout
In this case, we’re looking at a price range that spans from approximately 0.394 dollars down to 0.289 dollars. Given the brief history of the price action, the data available doesn’t stretch too far into the past, but it’s still feasible to generate price forecasts based on the limited information at hand.
On the 4-hour timeframe, PENGU continues to exhibit a bullish pattern and sits comfortably above the supportive level at approximately $0.312. Moreover, the Chaikin Money Flow (CMF) indicates significant inflows of capital into the market, as it remains above +0.05. However, there has been a noticeable decrease in trading volume over the last two days.
On December 25th, the attempted breakout transpired amidst typical trading activity, suggesting a degree of skepticism among market players. This situation might prompt another test of the upper resistance level.
On the 4-hour chart, the DMI indicated an ongoing robust uptrend, as both the Positive Directional Indicator (green) and Average Directional Index (yellow) surpassed 20.
Looking closely at the one-hour timeframe, it appears that the initial breakout has returned to its starting point. The hourly chart presents a bearish structure, with the critical area at $0.35 serving as a key defense point for buyers.
The recent lower high to beat in this timeframe would be the $0.39-level.
Just as anticipated, the pullback from $0.435 was followed by a decrease in Open Interest. This drop in speculative action suggested that short-term feelings were slightly bearish, yet it didn’t indicate a broad trend of short selling.
Realistic or not, here’s PENGU’s market cap in BTC’s terms
As a researcher, I am confident that the current defense at $0.35 for the Pudgy Penguin token will likely drive its prices upward. If this defense fails, however, the 4-hour chart structure may reverse to bearish, with the mid-range support at $0.312 as the potential next price target.
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2024-12-28 05:11