Pudgy Penguins Introduces Pudgy Records: A New Music Label Initiative
Pudgy Penguins, the popular NFT collection, has ventured into the music industry with the launch of Pudgy Records. This new community-driven music label aims to expand the brand’s cultural reach through the power of music. Spearheaded by @danthelostboy, the creative genius behind the original Pudgy Penguins theme song, Pudgy Records plans to produce viral anthems, full albums, custom theme songs, curated playlists, and collaborative content that will further amplify the Pudgy brand.
Accessible across various streaming platforms and social media channels, Pudgy Records is on a mission to bring a “Penguin song in your pocket. Anytime. Anywhere.” The label’s debut has already garnered attention, with a visually appealing announcement shared on their official social media handles.
While the price of the PENGU memecoin experienced a minor dip of 4% over the past 24 hours, trading at $0.0096, below its EMA 20, there are early indications of a potential breakout on the horizon. Analyzing the 4-hour chart, PENGU memecoin’s price has been following a descending wedge pattern since mid-May. However, the pattern is showing signs of contraction, hinting at a possible trend reversal.
Momentum indicators are also painting a positive picture for PENGU memecoin. The RSI, previously in oversold territory, is now showing signs of bullish divergence, while the MACD lines are converging, potentially leading to a bullish crossover. Additionally, the price is approaching the 20 EMA, which could act as a support level during a trend reversal.
If the price manages to break above the upper boundary of the wedge around $0.0105, with a clear 4-hour candle close and increased volume, it would confirm a breakout. This breakout could potentially propel the price towards $0.0165, representing a significant 70% upside from the current level. However, failure to hold above $0.0089, the recent swing low, could invalidate the bullish setup, leading to a downward movement towards key support levels at $0.0075 and $0.0060.
In conclusion, with the launch of Pudgy Records and the promising technical indicators for PENGU memecoin, the future looks bright for both the NFT collection and its associated memecoin. Stay tuned for more updates on Pudgy Penguins and their exciting ventures in the music industry.