PENGU Defies Gravity: 10-Day SMA Support Holds Firm as Analysts Eye Explosive Rally Ahead

Crypto's favorite underdog isn't going down without a fight. PENGU just bounced hard off its 10-day SMA support—now traders are betting this could be the launchpad for the next big move.

The make-or-break level

That 10-day simple moving average isn't just another line on the chart. Hold here, and we're looking at a textbook springboard for bullish momentum. Lose it? Well... let's just say the 'HODL' memes would get awkward fast.

Why this rally could have legs

Market structure's whispering about a potential trend reversal. Of course, in crypto-land, 'whispers' usually mean someone's already front-running the trade while retail watches YouTube TA videos.

Analysts are dusting off their moon math—because nothing says 'sound investment thesis' like extrapolating infinity from a 10-day price average. Still, the charts don't lie: this is the most interesting PENGU has looked since its last 20% flash crash... err, 'buying opportunity.'

One thing's certain: if this support breaks, the 'fundamentals were always bad' crowd will emerge faster than a Bitcoin maxi at an altcoin conference.

PENGU, a NFT crypto token, is gaining rejuvenated investor interest after experiencing a price decline to a well-known level that sparked significant price surges before.

According to new data today shared by market analyst Ali Martinez, whenever PENGU’s price settles on its 10-day Simple Moving Average (SMA), it witnesses an upturn and, in some cases, explodes aggressively.

The 10-day SMA continues to act as a launchpad for $PENGU, setting the stage for a potential upswing to $0.076 or even $0.097.

I hope you bought the dip! https://t.co/mYFj9PHIjv pic.twitter.com/zqg51advb3

PENGU Holding the 10-Day SMA

Technical data analysis presented by AIi shows that PENGU is currently displaying bullishness indicators, identified by its interaction with the 10-day SMA.

This implies that the asset’s value is constantly finding support NEAR or at its 10-day SMA. Whenever a crypto price approaches its moving average and rebounds, this is normally seen as an indicator of inner strength and an imminent upward movement. 

Around the middle of June, last month, the PENGU price was falling. The asset was forming lower lows and displayed sluggish price action. However, that changed toward the month’s end when its price returned to the 10-day SMA on June 26, and that triggered a strong price rise. Thereafter, the token’s price ROSE from around $0.012 to $0.046 before the middle of this month, recording a 280% gain in a matter of a few weeks.

After climbing to that height, PENGU began experiencing correction. In the last few days, the asset’s value fell, and this time dropped to the same 10-day SMA, which propelled its market rally before.

PENGU’s value is currently standing at $0.037 (according to Ali’s trading chart), and there are indicators of resurging buying activity. This explains the reason Ali is bullish on the token, expecting it to experience a powerful uptrend soon, with its price anticipated to reach $0.076 or even $0.097 soon, in the short or medium term.

PENGU’s Market Overview  

According to Ali’s data, this is the ideal time to enter the market. For the existing investors, continued holding their PENGU tokens is the best thing to do to capitalize on the potential upcoming rally.

PENGU’s bullishness reflects interest in NFT-enabled crypto tokens, indicating a wider recovery in the NFT landscape.

Pudgy Penguins – the parent ecosystem powering PENGU – is currently the second top-performing NFT collection, just right below CryptoPunks after overtaking the likes of Bored APE Yacht, Courtyard, among others, according to data from DAPPradar.com.

This growth highlights increased user participation in the Pudgy Penguins NFT collection, which seems to directly FLOW into PENGU’s token demand and trading performance.