PENGU is showing promising signs of a breakout, driven by bullish momentum, increased open interest, and strategic investments.
If it maintains this trajectory and breaks the major resistance levels, it could indeed lead the token’s next rally. For now, the market is still optimistic about its potential.
Whale activity is driving the bullish momentum, with PENGU breaking resistance and targeting $0.0699.
Market sentiment is up with rising open interest and favorable technical indicators.
A strategic whale’s $2.47M investment in Pudgy Penguins (PENGU) has sparked renewed interest in the meme token, sending its price up 15.35% at the time of writing to $0.04062.
Strategic whale investments in PENGU raise speculation about its potential for a major breakthrough.
Over the course of eight days, the whale collected 79.9 million tokens, making an unrealized profit of $835K.
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As PENGU gains traction, many are speculating whether this bold move could mark the beginning of a broader meme revival.
PENGU: Breaking Resistance, Setting New Goals
PENGU showed remarkable strength, breaking through the critical resistance level of $0.0385 and targeting $0.0699 as its next target. The steady formation of higher lows highlights the growing investor confidence.
However, a clean break above $0.042 is still necessary for the rally to gather more momentum.
Additionally, the high trading volume, which has nearly doubled in the past 48 hours, indicates increased activity, supporting the potential for sustainable growth.
PENGU Chart Analysis
Source: TradingView
Social Dominance PENGU: Mixed Feeling
Despite the impressive price rise, PENGU's social dominance has dropped from a high of 3.17% to a press time level of 1.08%.
This decline means less chatter in the crypto community as traders wait for stronger confirmation of the sustainability of the rally.
However, price rallies often reignite the momentum, and a decisive breakout could push Social Dominance above 2%. A surge in price action could draw significant attention to PENGU, reversing the current decline.
Social Dominance PENGU
Source: Santiment
Bulls control shorts
Liquidation data revealed that $1.24M was wiped out in short positions, compared to $484K in long liquidations. This imbalance highlighted the bulls’ clear dominance as bearish traders exited their positions.
However, the modest number of long liquidations reflects a degree of caution among traders who are unwilling to over-leverage.
Additionally, the dominance of short liquidations underscored the growing belief in PENGU’s potential for a sustained upward move.
Source: Coinglass
Technical signals are in line for further gains.
PENGU’s Relative Strength Index (RSI) was 64 at press time, indicating strong bullish momentum with room for further growth before reaching the overbought threshold of 70.
Additionally, the MACD line, at 0.0027, was above the signal line at 0.0019, confirming the uptrend. These indicators suggest that PENGU’s rally was gaining strength, although traders should watch for signs of exhaustion.
Source: TradingView and Binance
Market sentiment shows increasing optimism.
Open interest surged by an impressive 42.24%, reaching $236.55M, reflecting high confidence in PENGU’s rally.
This sharp rise shows increased participation from both retail and institutional investors. To some extent, PENGU can attract more liquidity and support larger price movements and reach a very high price in the coming days.
