Pudgy Penguins(PENGU) price prediction: technical indicators show pump potential, target price is $0.047

Pudgy Penguins (PENGU) has risen 170% since breaking through market structure on June 23. In recent trading, PENGU continues to climb, recording a 21.7% increase. Coinciding with this is a surge in NFT sales, driving its Floor Price up. Although the upward momentum may slow in the short term, technical indicators suggest that PENGU may continue to pump, with a target price of $0.047.

Market Rebound of Pudgy Penguins: Breakthrough and Surge in Trading Volume Pudgy Penguins (PENGU) successfully broke through the market structure on June 23, leading to a 170% rise in price. Notably, on July 21, PENGU recorded a 21.7% increase. Meanwhile, the NFT sales of Pudgy Penguins also saw significant growth. In the past week, the sales volume of the Pudgy Penguins series reached $9.65 million, providing strong support for the price rise of PENGU.

Against this backdrop, the Floor Price of Pudgy Penguins has also seen a significant pump, rising from less than $10 to $16.88 in less than two weeks.

Technical Analysis: Pumping momentum is slowing down, but still bullish

Pudgy Penguins has shown strong upward momentum on the 1-day chart, especially after breaking market structure on June 28. Although the upward momentum has slowed down over the past week, with the RSI (Relative Strength Index) falling from 87 to 75, the price of PENGU remains between $0.03 and $0.035, and on July 21, it broke through the key resistance level of $0.0361, reaching a new high.

Although the RSI is in the overbought zone, the OBV (On-Balance Volume) shows strong buying pressure, indicating that demand remains strong. The 4-hour chart provides a clearer view of the consolidation in the past week, with the RSI pulling back to 50 before rising back above 70, suggesting a potential continuation of the upward trend in the short term.

Short-term pullback buying point and rise target Despite the recent market showing a short-term correction, according to the signals from the DMI (Directional Movement Index), PENGU is still in a strong upward trend. Both ADX and +DI are above 20, indicating that the upward momentum remains strong. If the price of PENGU pulls back to around $0.035 and forms a demand zone, this could be a great buying opportunity.

From a technical perspective, the next price target for Pengu is $0.047, which has a 25% pump potential compared to the current market price, making it suitable for swing traders to seize short-term rises.

Conclusion: Pudgy Penguins is experiencing a continuous rise in price supported by strong market demand, with further room for growth in the short term. Investors can closely monitor technical indicator signals and take advantage of pullback opportunities to position themselves, especially with the breakthrough of the target price $0.047.