The price of Pudgy Penguins (PENGU) has skyrocketed around 30% in the past 24 hours, recovering strongly after bottoming on December 20.
This significant recovery was accompanied by bullish momentum, as key indicators such as RSI and CMF reached new highs, reflecting strong buying pressure and restored investor confidence.
PENGU’s RSI Is at an All-Time High
PENGU’s Relative Strength Index (RSI) currently stands at 64.4, its highest value since launch. RSI at this high level indicates strong buying momentum, indicating that the token has experienced significant upward pressure.
While not yet above the overbought threshold, typically considered an RSI above 70, this level reflects increased market excitement and potential upside.
RSI, a popular momentum indicator, measures the speed and magnitude of price movements on a scale of 0 to 100. Values above 70 indicate overbought conditions that could lead to a price correction, while Values below 30 indicate oversold conditions, which typically occur before a recovery.
With PENGU’s RSI at 64.4, it is close to overbought territory, indicating that the price could continue to climb in the short term if the buying momentum continues. This would make PENGU one of the best performing altcoins in recent days.
PENGU’s CMF Index Has Spiked Over The Past Day
PENGU’s Chaikin Money Flow (CMF) Index is currently at 0.18, a significant increase from 0.01 just a day ago, marking its highest level since the token’s launch. This surge points to strong capital inflows, reflecting massive buying pressure and growing investor confidence in this altcoin.
CMF at this level shows that buyers are dominant in the market, which could support continued price increases in the short term.
CMF is a volume-based indicator that measures the accumulation or distribution of an asset over a given period, with a range from -1 to +1. Positive values indicate accumulation and buying pressure, while negative values indicate distribution and selling pressure.
With PENGU’s CMF at 0.18, the current market sentiment is strongly bullish, hinting that the Token could maintain bullish momentum if capital inflows continue. However, such highs can also lead to a period of consolidation as traders take profits, making it important to monitor whether the buying trend is sustained.
PENGU Price Forecast: Can PENGU Hit $0.045 In December?
If the uptrend continues, PENGU could get close to a new high around $0.039.
Breaking above this resistance could pave the way for further gains, with potential targets at $0.040 and $0.045, representing around a 20% upside.
However, if RSI enters the overbought zone, signaling excessive buying pressure, a price correction could occur. In that case, PENGU price could challenge the $0.030 level as a key first level.
If this support fails, PENGU price could fall further to $0.0229, marking a strong correction.