In recent months, Pudgy Penguins (Pengu), a NFT project, has experienced an impressive increase in the crypto field. However, the market has changed since then, and the performance of the project took a prominent decline.
Prices fell and volume decreased and led to concerns about the future orbit. Despite these challenging conditions, there may still be opportunities for understanding investors to benefit from the situation.
Let’s dive into the details of the current situation of this project and discover where potential profits can be.
Source – Cryptonews Youtube Channel
Pudgy Penguins Price Estimation
Pengu experienced a remarkable volatility. In the last seven days, the coin decreased by 30%, which is a sharp drop that requires a careful analysis. Although the last 24 hours show a relative breaking point by balancing small pumps with falls, the overall tendency remains a decrease.
Despite this downward momentum, there are potential profit opportunities by using market splashes. We can examine the historical price action to describe these jump points. In particular, the average volume weighted average real range (ATR) band in the 4 -hour graph has been proven to be a reliable indicator.
The past situations in which the price reached this group resulted in noticeable fluctuations: one made a 8.5% gain, and the other saw a 35% increase after a major decrease.
These movements show that when the price approaches this area next time, the chance of a leap is high and that there is a chance to offer potential for at least 5% in the upward direction.
Currently, Pengu is approaching this key volume -weighted ATR band. It is very important to adjust warnings for this area. After triggering the warning, traders may consider entering a long position and target the potential 5-10% profit.
However, it is important to accept the dominant market trends. The pengu is aligned with a wider moment, which suggests that a jump may not be realized immediately.
If the price continues to decrease, more decrease may reduce the market value. A decrease of 10% of the current market value of $ 290 million will bring to approximately 261 million dollars.
Considering the previous market value levels of Pengu, the ongoing disadvantage continues to be a possibility. A decrease in a market value of 261 million dollars can offer a potential backfire with a rescue goal for a $ 290 million brand.
Therefore, while monitoring the ATR band for potential leaps, merchants should remain awake for further decrease and adjust their strategies accordingly.
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