Key Factors Behind the Bullish Momentum
The post Key Factors Behind the Bullish Momentum appeared on BitcoinEthereumNews.com. Meme coin Pudgy Penguins (PENGU) is today’s top gainer, jumping nearly 10% in the last 24 hours despite a broader market pullback. Today’s rally adds to the bullish momentum that began after the altcoin broke out of its descending parallel channel on June 27. Since then, PENGU has surged by over 50%, marking one of the strongest recoveries among meme coins over the past month. PENGU Breaks Out, Hits 50% Gains Readings from the PENGU/USD one-day chart show that between May 14 and June 26, the altcoin traded within a descending parallel channel. PENGU Descending Parallel Channel. Source: TradingView This pattern emerges when an asset’s price makes successive lower highs and lower lows, moving between two downward-sloping parallel trendlines. It reflects a downtrend as selling pressure spikes and bullish sentiment weakens. However, things shifted on June 27 when PENGU closed above this channel and initiated a rally afterwards. Now trading at $0.015, the meme coin’s price has since climbed by 50%. PENGU Flashes Strong Buy Signals Technical indicators show PENGU is poised to extend these gains in the short term. For example, the token’s Aroon Up Line is at 100% as of this writing. This means PENGU’s current uptrend is strong, backed by significant demand and not driven by speculative trades. PENGU Aroon Up Line. Source: TradingView An asset’s Aroon Indicator measures the strength and direction of a trend by tracking the time since the highest and lowest prices over a given period. It comprises two lines: Aroon Up, which measures bullish momentum, and Aroon Down, which tracks bearish pressure. As with PENGU, when the Aroon Up line is at 100%, the asset has recently hit a new high, signaling strong upward momentum and a dominant bullish trend. This suggests that buying pressure is high, and the price may continue…
The post Key Factors Behind the Bullish Momentum appeared on BitcoinEthereumNews.com.
Meme coin Pudgy Penguins (PENGU) is today’s top gainer, jumping nearly 10% in the last 24 hours despite a broader market pullback. Today’s rally adds to the bullish momentum that began after the altcoin broke out of its descending parallel channel on June 27. Since then, PENGU has surged by over 50%, marking one of the strongest recoveries among meme coins over the past month. PENGU Breaks Out, Hits 50% Gains Readings from the PENGU/USD one-day chart show that between May 14 and June 26, the altcoin traded within a descending parallel channel. PENGU Descending Parallel Channel. Source: TradingView This pattern emerges when an asset’s price makes successive lower highs and lower lows, moving between two downward-sloping parallel trendlines. It reflects a downtrend as selling pressure spikes and bullish sentiment weakens. However, things shifted on June 27 when PENGU closed above this channel and initiated a rally afterwards. Now trading at $0.015, the meme coin’s price has since climbed by 50%. PENGU Flashes Strong Buy Signals Technical indicators show PENGU is poised to extend these gains in the short term. For example, the token’s Aroon Up Line is at 100% as of this writing. This means PENGU’s current uptrend is strong, backed by significant demand and not driven by speculative trades. PENGU Aroon Up Line. Source: TradingView An asset’s Aroon Indicator measures the strength and direction of a trend by tracking the time since the highest and lowest prices over a given period. It comprises two lines: Aroon Up, which measures bullish momentum, and Aroon Down, which tracks bearish pressure. As with PENGU, when the Aroon Up line is at 100%, the asset has recently hit a new high, signaling strong upward momentum and a dominant bullish trend. This suggests that buying pressure is high, and the price may continue…
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