Soaring Penguin Token (PENGU) Surges 62% within a Week, Encouraging Investors to Snatch up the ICO Meme Coin Offering Free Bitcoins
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The Pudgy Penguins value skyrocketed by over 62% on the weekly chart, dipping a measly 6% in the previous 24 hours, selling at $0.01085 as of 10:19 p.m. As some traders cash in their chips, the behemoth coin is showing signs of strength.
While the PENGU value has dipped more than 81% from its all-time high of $0.05738, set on Dec 17, the fierce bird is clawing its way back with a vengeance.
Laughing Stock Falls Below Support
4-hour chart for PENGU/USD (Source: GeckoTerminal)
Over the past 48 hours, the Pudgy Penguins value plunged below a crucial support level at $0.01216, marking multiple lower lows and lower highs on the 4-hour chart. This has caused the formation of a bearish channel, according to data from GeckoTerminal.
If the meme coin continues down this path for the next 24 hours, it could challenge the next support at $0.01034. Should it breach this technical safety net, a bold drop to as low as $0.00818 might ensue.
However, a break above the upper boundary of the bearish channel might stall PENGU's tumble. In this more invigorating scenario, the crypto could try to recapture the $0.01216 support. From there, an extended run in the altcoin's price could propel it to as high as $0.01473.
Technical Palaver Warns the Pudgy Penguins Value Drop Ain't Over Yet
From a technical perspective, indicators on PENGU's 4-hour chart show the Pudgy Penguins value might keep plunging over the next 24 hours. Specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicate sellers are maintaining dominance over buyers.
This downward trend was solidified when the MACD line crossed below the MACD Signal line as PENGU lost the $0.01216 support. Generally, traders interpret the MACD dropping below the Signal line as an omen of a crypto's negative trajectory. Since these lines converged, the gap between them has grown, hinting at PENGU's bearish momentum intensifying.
RSI readings have plummeted over the past 48 hours, signaling weakening buyer power. At present, the indicator hovers just above the unimpressive 50 mark. Although this suggests the Pudgy Penguins value could go either way, the negative slope of the RSI foreshadows sellers might try to push the crypto's price down in the short term.
Meanwhile, some investors and traders are bookin' profits from the PENGU rally, while others are jumping headfirst into the presale for BTC Bull Token (BTCBULL). Renowned YouTube channel 99Bitcoins, boasting over 725K subscribers, reckons BTCBULL could surge 10X after its official introduction.
A Meme Coin Serving up Free Bitcoin
BTC Bull Token was fashioned out of the belief that Bitcoin would soar all the way to $1 million per coin, and possibly even higher. Consequently, the project will reward token holders with Bitcoin airdrops as well as BTCBULL token burns.
The initial airdrop will materialize when Bitcoin hits $150K for the first time. Subsequent airdrops will occur with every new $50K milestone.
BTC Bull Token's burns will follow a similar milestone-based approach, but will commence when Bitcoin smashes through $125K for the first time. Every subsequent $25K increase in the market leader's price will then also obliterate tokens from the supply.
The fusion of Bitcoin airdrops and BTCBULL token burns could generate a skewed supply-demand ratio, as investors will likely want to purchase BTCBULL to avail themselves of the BTC airdrops. This, in turn, might lead to a surge in BTCBULL's price, in line with the prediction from 99Bitcoins.
Moreover, institutions are increasingly investing in Bitcoin. This could eventually drive up Bitcoin's price, prompting investors to seek cheaper ways to gain Bitcoin exposure, like BTCBULL.
Investors Stampede to Grab BTCBULL at Presale Rates
Investors are buying BTCBULL with reckless abandon, with the early-stage funding having amassed over $5.1 million already.
Keen investors can hop on board this ground level opportunity by purchasing BTCBULL via the straightforward buy widget embedded on the project's website using either digital tokens or bank cards.
The token is currently going for $0.002485, but is slated to undergo a series of planned increases as the ICO unfolds. There are less than 7 hours left until the next presale price escalation, so investors must act fast to secure the best presale deal.
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[1] [https://coinmarketcap.com/currencies/pudgy-penguins/price-chart/][2] [https://coincodex.com/price/pudgy-penguins/pengu][3] [https://www.coindesk.com/crypto/token/pudgy-penguins][4] [https://www.the-block.com/crypto/1208313/pudgy-penguins-price-target-hits-16-cent][5] [https://bitiran.com/pudgy-penguins-price-forecast-prediction-chart-news-and-market-analysis-pengu]
- The Pudgy Penguins prices are currently showing a declining trend, as it recently dipped below the support level of $0.01216 on the 4-hour chart, according to data from GeckoTerminal.
- Some investors, however, are not selling their Pudgy Penguins and instead are looking towards other investment opportunities, such as the BTC Bull Token (BTCBULL) presale.
- The finance and investing world is abuzz with the potential of BTC Bull Token, with some predicting it could surge 10X after its official introduction, as suggested by the renowned YouTube channel 99Bitcoins.
