The price of Pudgy Penguins has fallen by more than 6% in the past 24 hours, trading at $0.01034 as of 9:47 PM EST, as investors reduced their exposure to the emoji coin. This 24-hour correction in the price of PENGU has brought the cryptocurrency’s weekly performance down by more than 5%.
Pudgy Penguins Price Integration
PENGU/USD 4-hour chart (Source: GeckoTerminal)
According to data from GeckoTerminal, the price of Pudgy Penguins has been tightly consolidating between $0.00900 and $0.01098 for the past few days. This phase of sideways trading could be a prelude to larger volatility in the coming days.
In case of a bullish move, the price of Pudgy Penguins may try to break out of the ascending channel boundary at $0.01098. A 4-hour candle close above this resistance may lead to a climb to the next hurdle at $0.01433 in the near term.
In the bearish scenario, the price of Pudgy Penguins may test the downside boundary of the parallel channel at $0.00900. Losing support at this price point may lead the price down to the next support at $0.00628.
Technicals show that Pudgy Penguins price could move in both directions
From a technical perspective, indicators on the 4-hour chart of PENGU show that the price of Pudgy Penguins could still fluctuate in both directions. Both the relative strength index (RSI) and the exponential moving average (EMA) on the 4-hour chart show indecision in the market.
The RSI has remained flat at the neutral 50 level in the past few hours and has fluctuated between 40 and 60 in the past 48 hours, suggesting that both the bulls and the bears have failed to gain control of the e-coin’s price. Meanwhile, the 9-day and 20-day EMAs are trading at almost the same levels, suggesting that buyers and sellers are evenly matched from a momentum perspective.
Traders may continue to stay on the sidelines until there is confirmation of the next move in the price of Pudgy Penguins. This confirmation could be when the RSI breaks above 60 or falls below 40. Another potential confirmation signal could be when the 9-day and 20-day EMAs start to diverge.
As Pudgy Penguins prices show no clear technical signals for future movement, investors may turn to the $3.6 million Meme Index (MEMEX) presale to diversify their emoji investments. Crypto analyst and YouTuber Jacob Bury said MEMEX has the potential to become the next 10x cryptocurrency in the market.
A new project that simplifies emoji investing
Meme Index is the first cryptocurrency index focused on meme coins, which have become one of the most popular subsets of the crypto market in recent months. Due to the growing popularity of these lighthearted and fun tokens, the meme coin market has become oversaturated as new cryptocurrencies are entering the market every day.
Developers will likely continue to launch new tokens in hopes of cashing in on investor enthusiasm for meme coins, making it harder to find the next potential “gem.” That’s where Meme Index comes in. Through its investment baskets, or indices, the project simplifies meme investing for everyone.
The project offers 4 investment baskets, and these indices are Meme Titan, Moonshot, Mid-Cap, and Meme Frenzy.
Each index contains different batches of emoji coins, grouped by their risk level. The lowest risk is the Meme Titan Index, which focuses on the emoji coins with the largest market capitalization, while the Meme Frenzy Index contains emerging and highly volatile emoji coins and has the highest risk level.
Investors can gain diversified exposure to MEMEX through these baskets and take on the level of risk they are comfortable with by simply purchasing MEMEX tokens. Holders of the cryptocurrency can also vote on which cryptocurrencies go into which baskets.
Meme Index Presale About to Reach $4 Million
Meme Index attracted investors during its ongoing presale phase as the ICO is set to reach $4 million. In addition to the bullish outlook for the project, investors may have also rushed to buy the cryptocurrency because any user staking MEMEX while the ICO is still ongoing can earn an annualized yield of 630%.
To earn these rewards and unlock a diverse portfolio of emojis, investors can purchase MEMEX through a widget on its website. Sold at $0.0161637, MEMEX tokens can be purchased with ETH, USDT, BNB, or a bank card. After acquiring some MEMEX, investors can put their tokens to work through the staking page on the website.
Buy MEMEX here now to lock in the best deal before the ICO price goes up in 28 hours.
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