- Pudgy Penguins price attempts to reclaim its bullish trend as token surges 8% in the past day.
- The token’s daily trading volume has increased 24.62% as per CMC data.
A mid-week crisis seems to have hit the crypto market as Bitcoin decides to tank prices to a $102K level. This occurring just days after a new all-time high also indicates a consolidation after the fluctuations. Subsequently, altcoins have begun to reflect the price drop just minutes after the largest cryptocurrency’s downward movement.
Notably, Pudgy Penguins, the cryptocurrency of the famed NFT collection, has finally begun to show bullish signs in the past few hours. In the afternoon hours of January 22, the altcoin dunked to the $0.022 level. Following this, having factored in a 8.85% increase, PENGU has resurfaced in the $0.24 range.
At the time of writing, the altcoin was trading at $0.025736 as per CMC data. Zooming out, onto its weekly chart, Pudgy Penguins’ price stands out with a significant drop of 24.33%. This notable freefall has pulled prices from a high of $0.035 to the current aforementioned levels.
This past day’s surge has caused us to expect a recovery road in the process. If Pudgy Penguins manages to sustain its current positive momentum, it might combat the bears to regain its bullish momentum.
Will Pudgy Penguins Recover Soon?
On analyzing its price actions, PENGU traces a horizontal pattern. Additionally, recent day’s movement suggests the altcoin breaking out from this pattern. It could indicate incoming bullish trends in the coming days.
Meanwhile, its Moving Average Convergence Divergence (MACD) signal line stands way below the MACD line. This also suggests that Pudgy Penguins price has to surpass multiple ranges to reach previous high trading levels.
Additionally, its Chaikin Money Flow (CMF) value stands at -0.19 indicating the low capital influx as per TradingView data. Other altcoins such as Cardano and Solana have also shown similar movements.
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