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The Pudgy Penguins price is up over 62% on the weekly time frame despite a 6% drop in the last 24 hours to trade at $0.01085 as of 10:19 p.m. as some traders start to realize their profits.
Despite the strong weekly performance, the PENGU price is still down more than 81% from the all-time high of $0.05738 that it set on Dec. 17.
Pudgy Penguins Price Falls Below Support
4-hour chart for PENGU/USD (Source: GeckoTerminal)
The Pudgy Penguins price dropped below a support level at $0.01216 over the past 48 hours and has printed multiple lower lows and lower highs on the 4-hours chart. This has resulted in the formation of a descending price channel, according to data from GeckoTerminal.
Should the meme coin continue to trade within the negative range for the next 24 hours, it could end up testing the next support at $0.01034. A drop below this technical safety net might then lead to a plunge to as low as $0.00818.
However, a breakout above the upper barrier of the negative channel could stop PENGU’s bearish move in its tracks. In this more bullish scenario, the crypto might try to reclaim the $0.01216 support. Thereafter, a continued rise in the altcoin’s price could lead to a rise to as high as $0.01473.
Technicals Warn The Pudgy Penguins Price Drop Not Over Yet
From a technical standpoint, indicators on PENGU’s 4-hour chart suggest the Pudgy Penguins price might keep falling over the next 24 hours. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) still show sellers have the upper hand over buyers.
That’s after the MACD line crossed below the MACD Signal line when the Pudgy Penguins price lost the $0.01216 support. Traders usually interpret the MACD dropping below the Signal line as an indication that a crypto has entered a negative trend. Since the two lines intersected, the gap between them has also grown to suggest PENGU’s bearish momentum is growing stronger.
RSI readings have plunged over the past 48 hours as well, which is a classic sign of weakening buyer power. Now, the indicator hovers just above the neutral 50 mark. Although this suggests the Pudgy Penguins price could go either way, the negative slope of the RSI warns sellers might try to push the crypto’s price down in the short term.
As some investors and traders start to realize their profits from the PENGU rally, others continue to buy into the presale for BTC Bull Token (BTCBULL). Popular YouTube channel 99Bitcoins, which boasts over 725K subscribers, says BTCBULL could soar 10X after its official launch.
A Meme Coin Offering Investors Free Bitcoin
BTC Bull Token was created on the belief that the largest crypto by market cap will soar all the way to $1 million per coin, and possibly even higher. As such, the project will reward its token holders with BTC airdrops as well as BTCBULL token burns.
The first airdrop will be when Bitcoin reaches $150K for the first time. Thereafter, every new $50K milestone will trigger another airdrop.
BTC Bull Token’s burns will follow the same milestone-based approach, but will start when Bitcoin breaches $125K for the first time. Every subsequent $25K increase in the market leader’s price will then also permanently remove tokens from the supply.
The combination of Bitcoin airdrops and BTCBULL token burns could result in a skewed supply and demand ratio as investors will likely want to buy to get in on the BTC airdrops. This might then lead to a surge in BTCBULL’s price, which is in line with the prediction from 99Bitcoins.
What’s more, institutions are increasingly buying into Bitcoin. This could eventually make the crypto overpriced and prompt investors to look for cheaper ways to gain BTC exposure, which is something BTC Bull Token offers.
Investors Rush To Buy BTCBULL At Presale Prices
Investors are already piling into the presale for BTCBULL, which has managed to raise over $5.1 million in early-stage funding so far.
Interested investors can get in on this ground level by purchasing BTCBULL through the simple buy widget embedded on the project’s website using either crypto or bank card.
The token is currently selling for $0.002485, but is scheduled to undergo a series of scheduled increases as the ICO progresses. There is less than 7 hours left until the next presale price hike, so investors will want to act fast in order to secure the best presale deal.
Learn more about BTC Bull Token.
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