The utilitarian meme coin Pudgy Penguins (PENGU) has shown significant gains over the last 24 hours. Its price has increased by 34%, making it today's leader in growth.
PENGU has outperformed digital assets such as Bitcoin (BTC) and Ethereum (ETH), which showed modest gains of 0.70% and 0.22%, respectively, over the same period.
PENGU reaches a two-month high thanks to strong support.
PENGU has reached a two-month high of $0.013 and is currently above its 20-day exponential moving average (EMA). This key moving average, which measures the average number of trading days for the asset over the last 20 days and gives weight to recent prices, is currently forming dynamic support below the token's price at $0.0074.
When an asset trades above its 20-day EMA, its current price is higher than the average price over the last 20 days, signaling bullish momentum. This suggests that PENGU is experiencing increased pressure and is poised for further increases.
Furthermore, PENGU is trading above the points of its Parabolic Stop and Reverse (SAR) indicator, confirming this bullish forecast. The Parabolic SAR indicator tracks the price trends of the asset and identifies potential trend reversal points. When its points are positioned below the asset's price, the market is in an upward trend. This indicates that the asset's price is rising, and the growth may continue.
The Parabolic SAR for PENGU also sets a support level below its price at $0.0071, providing a reliable buffer in case of a price drop.
The bullish momentum of PENGU may face obstacles.
PENGU's position above the 20-day EMA and Parabolic SAR indicates that this upward trajectory may continue in the coming days. If buyer activity increases, the meme coin could continue its gains, trading at $0.019, a level it reached three months ago.
However, a resurgence of profit-taking activity could nullify this bullish outlook. If PENGU holders begin to sell their tokens for profit, downward pressure on the token will increase. This could lead to a drop in its price below the 20-day EMA and Parabolic SAR. If this happens, the PENGU token may return to its yearly low of $0.0037. #BinanceSquare #Write2Earn #Squar2earn #crypto #Binance $PENGU