A strategic whale investment of 2.47M in Pudgy Penguins (PENGU) has sparked fresh interest in this meme token, driving its price up by 15.35% at press time to $0.04062.
Over eight days, the whale accumulated 79.9M tokens, achieving an unrealized profit of 835K.
Meanwhile, PENGU has shown remarkable strength, breaking through the critical $0.0385 resistance level and aiming for $0.0699 as its next target. The steady formation of higher lows highlights growing investor confidence.
However, a clean break above $0.042 remains essential for the rally to gather more momentum.
Additionally, rising trading volumes, which have nearly doubled in the past 48 hours, indicate increased activity, further supporting the potential for sustained growth.
PENGU’s Relative Strength Index (RSI) was 60 at press time, signaling strong upward momentum while leaving room for further growth before hitting the overbought threshold of 70.
Additionally, the MACD line, at 0.0026, was above the signal line at 0.0021, confirming a bullish trend. These indicators suggested that PENGU’s rally was gaining strength, though traders should watch for signs of exhaustion.
PENGU is showing promising signs of a breakout, driven by bullish momentum, growing open interest, and strategic investments.
If it sustains this trajectory and breaks key resistance levels, it could indeed lead the next meme token rally. For now, the market remains optimistic about its potential.
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