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**Pudgy Penguins [PENGU] Price Prediction – Rally Depends on THIS Level Holding Up!**
In a recent development, the market capitalization of Pudgy Penguins [PENGU] has surpassed that of dogwifhat [WIF]. This sudden surge in value has sparked curiosity among investors, with many eager to know what’s next for this altcoin. Our prediction is straightforward: any rally will be heavily reliant on the defense of a critical level – $0.35.
To understand the reasoning behind this assertion, let’s dive into the current market conditions and technical analysis. On the 4-hour chart, PENGU appears to have retained its bullish structure. In fact, it has managed to stay above the mid-range support at $0.312. This upward momentum is further corroborated by the CMF indicator, which suggests substantial capital inflows.
However, a closer inspection reveals that trading volume has been trending downwards over the past couple of days. The breakout attempt on December 25th occurred amidst relatively low trading activity, which raises concerns about market participants’ confidence in this rally’s sustainability. This may lead to another retest of the overhead resistance, potentially paving the way for fresh gains.
As we zoom in on the hourly chart, it becomes clear that our focus should be on $0.35 as the key level to watch. The structure of the 1-hour chart is decidedly bearish, and any failure to hold this support could result in a decline towards the next significant target – $0.312.
In conclusion, the PENGU price prediction suggests that if the $0.35 defense succeeds, it will likely be accompanied by an upward trajectory for the altcoin. If, however, this level fails to hold up, we can expect a pullback and subsequent decline towards $0.312.
Source: ambcrypto.com
