PENGU price breaks out of falling wedge, can it reclaim $0.045?
The post PENGU price breaks out of falling wedge, can it reclaim $0.045? appeared on BitcoinEthereumNews.com. PENGU price rallied over 18% in the past week after confirming a breakout from a falling wedge pattern. Based on this setup, the token may continue to extend its weekly rally. Summary PENGU price has rebounded today following weeks of a downtrend. Trading volume for PENGU has risen sharply in the past 24 hours. The token has been forming a cup and handle on the daily chart. According to data from crypto.news, Pudgy Penguins (PENGU) was trading at $0.035, up 11.6% over the past 24 hours and 19% over the past week. On a broader scale, the token’s price remains 22% under its July high of $0.045 this year. PENGU price rallied today alongside a threefold surge in daily trading volume to $951 million, while its market cap climbed past $2.2 billion, overtaking major players like Kaspa (KAS) and Cosmos Hub (ATOM). On the daily chart, PENGU has confirmed a breakout from a falling wedge pattern, where it had been consolidating for the past seven weeks. This bullish continuation pattern is defined by converging downward-sloping trendlines and typically precedes a sharp upside move once broken. PENGU price has confirmed a falling wedge, which also acts as the handle part of a larger cup and handle pattern forming on the daily chart — Sep. 9 | Source: crypto.news On a broader timeframe, the falling wedge also forms the handle of a larger cup and handle pattern that has been developing since the start of this year. A cup and handle structure is typically characterized by a rounded bottom (the cup) followed by a short-term downward drift (the handle). When an asset’s price breaks out of this pattern, it is typically followed by an upside rally. Technical indicators reinforce the bullish outlook. The MACD lines have recently experienced a positive crossover, with…
The post PENGU price breaks out of falling wedge, can it reclaim $0.045? appeared on BitcoinEthereumNews.com.
PENGU price rallied over 18% in the past week after confirming a breakout from a falling wedge pattern. Based on this setup, the token may continue to extend its weekly rally. Summary PENGU price has rebounded today following weeks of a downtrend. Trading volume for PENGU has risen sharply in the past 24 hours. The token has been forming a cup and handle on the daily chart. According to data from crypto.news, Pudgy Penguins (PENGU) was trading at $0.035, up 11.6% over the past 24 hours and 19% over the past week. On a broader scale, the token’s price remains 22% under its July high of $0.045 this year. PENGU price rallied today alongside a threefold surge in daily trading volume to $951 million, while its market cap climbed past $2.2 billion, overtaking major players like Kaspa (KAS) and Cosmos Hub (ATOM). On the daily chart, PENGU has confirmed a breakout from a falling wedge pattern, where it had been consolidating for the past seven weeks. This bullish continuation pattern is defined by converging downward-sloping trendlines and typically precedes a sharp upside move once broken. PENGU price has confirmed a falling wedge, which also acts as the handle part of a larger cup and handle pattern forming on the daily chart — Sep. 9 | Source: crypto.news On a broader timeframe, the falling wedge also forms the handle of a larger cup and handle pattern that has been developing since the start of this year. A cup and handle structure is typically characterized by a rounded bottom (the cup) followed by a short-term downward drift (the handle). When an asset’s price breaks out of this pattern, it is typically followed by an upside rally. Technical indicators reinforce the bullish outlook. The MACD lines have recently experienced a positive crossover, with…
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