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The Pudgy Penguins price surged 23% in the last 24 hours to trade at $0.01244 as of 12:31 a.m. EST on trading volume that skyrocketed 172% to $431 million.
Pudgy Penguins Price On A Sustained Rally
The PENGU price on a daily chart shows a significant shift in momentum after a prolonged downtrend. Initially, the Pudgy Penguins price experienced a steep decline, followed by a period of consolidation where volatility was relatively low.
Recently, however, the price of PENGU has carved out a parabolic curve, a strong bullish pattern indicative of rapid price acceleration, as GeckoTerminal data shows.
This parabolic move propelled PENGU well above its previous consolidation range, suggesting a clear reversal from the bearish phase to a new bullish trend.
Meanwhile, the price of Pudgy Penguins has also decisively crossed above the 50-day Simple Moving Average (SMA), an early sign that the market sentiment is flipping positive.
The 200-day SMA lies far below the current price, reinforcing that a major longer-term trend change may be underway.
The Relative Strength Index (RSI) currently sits at 80.81, which places it firmly in the overbought territory. An RSI reading above 70 typically suggests that the asset may be overextended to the upside, and a pullback or consolidation could be expected in the short term.
Moreover, the Moving Average Convergence Divergence (MACD) indicator shows a strong bullish crossover, with the MACD line (blue) above the signal line (orange) and the histogram printing increasing green bars. This confirms strengthening upward momentum.
PENGU Price Prediction
The PENGU price appears poised for continued upward movement in the near term on the daily chart.
Immediate resistance can be expected around $0.01500, which could be the next target for the Pudgy Penguins price.
However, with the RSI deep in overbought territory, a minor correction or sideways consolidation is highly probable before the next leg higher. Support lies near the previous breakout level around $0.01000–$0.01100.
Meanwhile, investors are flocking to buy a new Solana project called Solaxy (SOLX). Popular YouTube channel 99Bitcoins, with over 725K subscribers, says the crypto has the potential to soar 100X post-launch.
Solaxy Presale Smashes $32 Million – Next 100X Crypto?
Solaxy is a cutting-edge cryptocurrency token that positions itself as the world’s first Solana Layer 2 solution. It addresses some of the biggest challenges faced by the Solana blockchain, including issues of congestion, transaction fairness, and scalability.
By optimizing Solana’s infrastructure, Solaxy aims to significantly enhance its transaction speed, efficiency, and overall performance. This makes it a promising addition to the growing ecosystem of Layer 2 solutions across various blockchains.
By processing transactions off of Solana’s main chain, bundling them together, and submitting them to the mainnet for final verification, Solaxy’s system improves efficiency.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
Once launched, Solaxy will also provide a platform where developers can build decentralized applications or launch new tokens without compromising Solana’s Layer 1 capabilities.
Solaxy has successfully raised a substantial $32 million in funding, which signals strong investor confidence in the project’s future.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001708 each using BNB, ETH, USDT, or a bank card.
Solaxy also offers holders who stake SOLX a huge annual yield of 125%.
Interested investors will want to buy SOLX before the next presale price hike in around 32 hours to secure the best deal.
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Best Wallet - Diversify Your Crypto Portfolio
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