What to know:
- PENGU price faces resistance near the $0.0092 level
- Pudgy Penguins introduced cashback rewards of up to 3%
- MACD and EMA indicators suggest short-term consolidation
PENGU price has gained market attention as a result of new initiatives introduced by Pudgy Penguins in association with the new cashback cards program that will reward users with up to 3%. Traders are watching to see whether the token can maintain its recovery trend. At press time, the coin is trading at $0.00818 with a decrease of nearly 2.7% over the past 24 hours.
Pudgy Penguins Launches 3% Cashback Card
In a recent post on X, Pudgy Penguins shared details about its new cashback card system with the message, “Earn up to 3% cash back,” alongside three reward tiers: “Standard,” “Premium,” and“Private.”
Pudgy Penguins is working on broader consumer utility aside from their NFTs, which is shown through their new cashback program. Through their cashback program, they hope to increase community engagement and help expose their PENGU ecosystem to potential new users.
The announcement of the cashback program placed increased attention on the price of PENGU, as traders watch for potential signs of greater buy-side interest after the announcement.
Also Read: PENGU Price Analysis: Can Bulls Hold $0.0104 Support?
PENGU Price Nears $0.0092 Resistance
The TradingView chart shows PENGU trying to find stability after a major price jump earlier this month. The price has moved above many of the EMAs recently before entering a pullback phase. The 20 EMA at approximately $0.0092 is currently resistance; the 50 EMA at approximately $0.0087 is currently serving as support.
The 100 EMA also remains close to the current trading range, showing that the price is trying to consolidate at a very important technical level. The 200 EMA at approximately $0.0108 also is still acting as significant resistance on a longer timeframe.
The MACD indicator is indicating a loss of momentum with the MACD line crossing below the signal line and the red histogram becoming more significant in size. Despite weakening momentum, buyers continue defending the $0.0080 support zone.
PENGU is still in recovery mode, with traders monitoring important support and resistance levels. The Cashback Card Launch has not only provided new excitement in the ecosystem, but technical indicators are also continuing to show the coin’s consolidation.
Other cryptocurrencies are experiencing extreme volatility, and thus, the PENGU price may continue seeing short-term volatility.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: PENGU Price Prediction: Can Bulls Push Toward $0.017 After a Pullback?
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