PENGU, a NFT crypto token, is gaining rejuvenated investor interest after experiencing a price decline to a well-known level that sparked significant price surges before.
According to new data today shared by market analyst Ali Martinez, whenever PENGU’s price settles on its 10-day Simple Moving Average (SMA), it witnesses an upturn and, in some cases, explodes aggressively.
PENGU Holding the 10-Day SMA
Technical data analysis presented by AIi shows that PENGU is currently displaying bullishness indicators, identified by its interaction with the 10-day SMA.
This implies that the asset’s value is constantly finding support near or at its 10-day SMA. Whenever a crypto price approaches its moving average and rebounds, this is normally seen as an indicator of inner strength and an imminent upward movement.
Around the middle of June, last month, the PENGU price was falling. The asset was forming lower lows and displayed sluggish price action. However, that changed toward the month’s end when its price returned to the 10-day SMA on June 26, and that triggered a strong price rise. Thereafter, the token’s price rose from around $0.012 to $0.046 before the middle of this month, recording a 280% gain in a matter of a few weeks.
After climbing to that height, PENGU began experiencing correction. In the last few days, the asset’s value fell, and this time dropped to the same 10-day SMA, which propelled its market rally before.
PENGU’s value is currently standing at $0.037 (according to Ali’s trading chart), and there are indicators of resurging buying activity. This explains the reason Ali is bullish on the token, expecting it to experience a powerful uptrend soon, with its price anticipated to reach $0.076 or even $0.097 soon, in the short or medium term.
PENGU’s Market Overview
According to Ali’s data, this is the ideal time to enter the market. For the existing investors, continued holding their PENGU tokens is the best thing to do to capitalize on the potential upcoming rally.
PENGU’s bullishness reflects interest in NFT-enabled crypto tokens, indicating a wider recovery in the NFT landscape.
Pudgy Penguins – the parent ecosystem powering PENGU – is currently the second top-performing NFT collection, just right below CryptoPunks after overtaking the likes of Bored Ape Yacht, Courtyard, among others, according to data from DAPPradar.com.
This growth highlights increased user participation in the Pudgy Penguins NFT collection, which seems to directly flow into PENGU’s token demand and trading performance.
Credit: Source link
