Pudgy Penguins has flashed a proven bullish indicator, pointing to a likely 77% upside potential.
In the last two months, the Tom DeMarm (TD) Sequential has proven itself quite reliable in predicting the token’s next movement on the chart.
On August 7, the indicator registered a buy signal, which led to a 77.64% rally. It was around this time that LBank launched promotional campaigns. The token’s parent company Igloo Inc. also pushed Pudgy Penguins merchandise across North American Walmart and Target stores. Even more, its CEO Luca Netz brewed positive sentiment around a public listing, saying it could happen within two years.
Another previous signal was the September 15 buy signal, which netted 66.94% in profits. During this time, PENGU hit its absolute local bottom for the month, dropping to $0.00685 after selling pressure heightened when the ecosystem unlocked 712 million tokens.
However, over the next 10 days, PENGU staged a 63%-66% rebound, hitting a peak of $0.01114 on September 25 before stabilizing back near the $0.0099 range.
Other than the oversold technical bottom, other factors that fueled the mid-September squeeze were a PEPE cycle fractal and massive real-world retail visibility at Walmart and the Pengu World Tour in Seoul. The latter aligned with Korean Blockchain Week and the Pengu Minibot tease.
Finally was the September 25 sell signal, where PENGU lost 32.58%. After peaking at $0.01029, the token steadily bled back down to the $0.0068 support zone.
Contributors included a break in its Abstract blockchain network, the announcement that toy sale proceeds would not be utilized to perform token buybacks and burns.
From a technical perspective, its Relative Strength Index (RSI) signalled that it was heavily overbought. Even more, the token hit the higher timeframe resistance of $0.010 mark, causing a cascade of long liquidations as short sellers dominated.
The TD Sequential has now flashed another buy on the daily chart, suggesting an upswing may be developing.
Source: Ali Charts
The timing aligns with its new availability for trading and holding on SoFi, America’s largest online lender (15 million members).
Furthermore, PENGU has maintained a sequence of higher highs and higher lows. Should it maintain this momentum, the token might just shoot to $0.013 (+70%).
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