The Fuzzy Penguin (PENGU) price has surged by about 30% in the last 24 hours. It has rebounded sharply after reaching its low on December 20.
This dramatic recovery came with bullish momentum, with key indicators like the RSI and CMF hitting all-time highs, reflecting strong buying pressure and renewed investor confidence.
PENGU RSI, All-Time High
The PENGU Relative Strength Index (RSI) is currently at 64.4, the highest since launch. This high RSI indicates strong buying momentum, suggesting that the token is under significant upward pressure.
Although not yet in overbought territory, this reflects increased market enthusiasm and potential bullish sentiment.
The RSI is a popular momentum indicator that measures the speed and magnitude of price movements on a scale of 0 to 100. A reading above 70 indicates overbought conditions and could lead to a price correction, while a reading below 30 indicates oversold conditions and often signals a bounce.
PENGU RSI is approaching the overbought zone as it reaches 64.4. If the buying momentum continues, the price could continue to rise in the short term. This would make it one of the best performing altcoins in recent days.
PENGU CMF soars in one day
PENGU's Chaikin Money Flow (CMF) is currently at 0.18, a significant increase from 0.01 a day ago. This is the highest level since the token's launch. This rapid increase indicates significant capital inflow, reflecting strong buying pressure and increased investor confidence.
CMF at this level suggests that buyers are dominating the market and could support price gains in the short term.
CMF is a volume-weighted indicator that measures the accumulation or distribution of an asset, and has a value between -1 and +1. Positive values indicate accumulation and buying pressure, while negative values indicate distribution and selling pressure.
The current market sentiment is definitely bullish with PENGU’s CMF at 0.18. If the inflow continues, the token can maintain its upward momentum. However, these high levels may enter a correction as traders take profits. It is important to carefully monitor whether the buying trend continues.
PENGU Price Prediction: Will It Reach $0.045 in December?
If the uptrend continues, PENGU could reach a new all-time high of around $0.039.
A break above this resistance could open the way for further upside, with potential targets at $0.040 and $0.045, indicating an upside of around 20%.
However, if the RSI enters the overbought zone, indicating excessive buying pressure, a price correction may follow. In this case, the PENGU price may test the first major level of $0.030.
If this support fails, PENGU price may fall further to $0.0229, indicating a strong correction.
