TL;DR

TD Sequential flashes buy signal as RSI forms divergence, hinting at trend reversal for PENGU. The meme coins price holds trendline support near the channel bottom, setting up for a possible breakout. Over 563,000 holders and rising demand indicate vigorous network activity despite the recent price pullback.

Technical Signs Point to a Possible Move Up

PENGU, the native token of Pudgy Penguins, is showing several signals that may suggest a change in direction. Analyst Ali Martinez shared that the TD Sequential indicator has shown a buy signal. This tool is often used to spot turning points in price trends.

Meanwhile, the Relative Strength Index (RSI) is also displaying a pattern that may support this view. As the price moved lower, the RSI began to rise. This could suggest that sellers are losing control, and buyers may be stepping in. At the moment, RSI is below 40 but appears to be rising.

$PENGU looks ready to rebound, with multiple bullish signals aligning:

– TD Sequential flashes a buy signal

– Setup trendline holding as support

– Bullish divergence on the RSI

– Trading at the channel’s lower boundary

All signs point to liftoff! pic.twitter.com/zxBRQRANak

PENGU is trading near the lower edge of a descending channel. This area has held up in the past and has seen higher buying activity. The asset also sits above a setup trendline that remains unbroken. This trendline has acted as a support level during recent moves.

Martinez noted, 

“All signs point to liftoff!”

Projected resistance levels are marked around $0.040 and $0.042, with a target path toward $0.045 if the price breaks above.

Traders Watch for Market Reactions

Market watchers are looking closely at global events that may affect short-term price moves. Key announcements include the White House crypto report, interest rate decisions from the Federal Reserve and Bank of Canada, U.S. GDP data, and job figures.

Crypto trader Kaleo posted,

“$PENGU dips are for buying.” 

Price changes may be sharp as data is released throughout the day.

Activity and Interest Remain High

Since its low in April, PENGU has climbed more than 10x and traded at $0.038 at press time. The token declined 4% over the last 24 hours and 15% weekly. Still, activity on the network is strong. There are now over 563,000 holders and 20,000 active addresses daily.

Niels, co-founder of TedLabs, compared PENGU to DOGE in this cycle. 

“Is $PENGU the $DOGE of this cycle?” they asked in a post on X. 

They pointed to high trading demand and a strong holder base as signs that PENGU may still have room to grow. Niels sees the price moving above $0.15 by the end of 2025 if current trends stay on track.

Source: X