Pudgy Penguins Bulls Roar Back: Rare Cluster of Bullish Signals Spotted
The cryptocurrency market has seen significant gains this week due to renewed investor confidence. Among the top assets, Pudgy Penguins (PENGU) also posted a double-digit rally over the past 24 hours, with a 12% increase.
Analyst Ali Martinez notes that PENGU is showing several positive signals on its weekly chart. The Bollinger Bands have drawn closer together, indicating a decrease in volatility. This often happens just before volatility picks up.
The Tom DeMark Sequential has flashed two buy signals on the weekly chart, a 9 setup followed by a Combo 13 signal. Martinez explains that this combination could point to the start of a new bullish countdown.
PENGU is currently trading inside a parallel channel, with a first major level at around $0.025 and a potential breakout towards $0.045. This would represent roughly 400% upside from its current price.