Beefy Penguins’ (PENGU) utility-driven meme coin has made considerable positive aspects valid via the final 24 hours. Its tag has rocketed 34%, making it this day’s top gainer.
PENGU has outperformed digital assets like Bitcoin (BTC) and Ethereum (ETH), which obtain considered minimal positive aspects of 0.70% and 0.22%, respectively, over the equivalent length.
PENGU Breaks Two-Month High with Right Enhance
PENGU has reached a two-month high of $0.013 and is currently above its 20-day exponential bright real looking (EMA).
This key bright real looking, which measures an asset’s real looking procuring and selling days valid via the final 20 days and affords weight to fresh prices, currently varieties dynamic support below the token’s tag at $0.0074.
When an asset trades above its 20-day EMA, its present tag is higher than its fresh real looking tag over the final 20 days, signaling bullish momentum. This implies that PENGU is experiencing upward stress and is poised for extra upward rallies.
Furthermore, PENGU trades above the dots of its Parabolic Stop and Reverse (SAR) indicator, confirming this bullish outlook.
The Parabolic SAR indicator tracks an asset’s tag trends and identifies capacity style reversal substances. When its dots are placed under an asset’s tag like this, the market is in an uptrend. Which capacity the asset’s tag is rising, and the rally may well fair proceed.
PENGU’s Parabolic SAR moreover establishes a support stage below its tag at $0.0071, providing a stable buffer in the tournament of a tag breakdown.
PENGU’s Bullish Push Would perchance also Face Setback
PENGU’s self-discipline above the 20-day EMA and the Parabolic SAR means that this upward trajectory may well proceed in the approaching days. If procuring activity strengthens, the meme coin may well lengthen its positive aspects to change at $0.019, a high it reached three months in the past.
Alternatively, a resurgence in income-taking activity will invalidate this bullish projection. If PENGU holders initiate to sell their tokens for income, downward stress on the token will spike. This may perchance well fair push its tag below its 20-day EMA and the Parabolic SAR.
If this occurs, the PENGU token may well revisit its year-to-date low of $0.0037.
