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In recent months, Pudgy Penguins (PENGU), an NFT project, experienced an impressive rise, capturing considerable attention in the crypto space. However, the market has since shifted, and the project’s performance has taken a noticeable downturn.
Prices have dropped, and volume has decreased, leading to concerns about its future trajectory. Despite these challenging conditions, there may still be opportunities for savvy investors to capitalize on the situation.
Let’s dive into the details of this project’s current state and explore where potential profits might lie.
Source – Cryptonews YouTube Channel
Pudgy Penguins Price Prediction
PENGU has experienced notable volatility. Over the past seven days, the token has declined by 30%, a sharp drop that necessitates careful analysis. While the last 24 hours have shown a relative break-even point with small pumps offset by dips, the overall trend remains bearish.
Despite this downward momentum, potential profit opportunities exist by capitalizing on market bounces. To identify these bounce points, we can examine historical price action. Notably, the volume-weighted Average True Range (ATR) band on the 4-hour chart has proven to be a reliable indicator.
Past instances where the price reached this band resulted in noticeable surges: one yielded an 8.5% gain, and another, following a major drop, saw a 35% increase.
These movements suggest that the next time the price approaches this area, there’s a good chance it will experience a bounce, offering potential for at least a 5% move in the upward direction.
Currently, PENGU is approaching this key volume-weighted ATR band. Setting alerts for this area is crucial. Upon triggering the alert, traders can consider entering a long position, targeting a potential 5-10% profit.
However, it’s essential to acknowledge the prevailing market trends. PENGU aligns with the broader downward momentum, suggesting that a bounce may not occur immediately.
If the price continues to decline, a further drop could push the market cap lower. A 10% decline from the current $290 million market cap would bring it to approximately $261 million.
Given PENGU’s previous market cap levels, continued downside remains a possibility. A drop to the $261 million market cap could present a potential rebound opportunity, with a recovery target back towards the $290 million mark.
Therefore, while monitoring the ATR band for potential bounces, traders must also remain vigilant for further declines and adjust their strategies accordingly.
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