Can PENGU continue its rally? Whale activity reveals key signals
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Whales have been active recently and have become the core driving force of the Pudgy Penguins [PENGU] market. A transfer of $3.13 million worth of tokens from Binance has injected momentum into PENGU's rise. The price rose 15.14% to $0.03435 in 24 hours, and the trading volume also surged 113.43% to $734.47 million.
Key price levels: breakthrough and support
The current price trend of PENGU shows clear critical levels:
Resistance: $0.0370 is the key point of the current market focus. Breaking through this level may open the door to a rise to $0.04.
Support: $0.0299 is the core defense line in the short term. If it falls below this level, market sentiment may turn pessimistic.
Traders should pay close attention to these key points to decide on the next market strategy.
Technical indicators: Bullish signals are emerging, but the strength is limited
MACD: The histogram turned positive and the MACD line was above the signal line, indicating that bullish momentum is increasing, which is consistent with the upward trend of prices.
ADX: Currently at 21.39, it shows that the trend strength is insufficient. Although the upward trend exists, the lack of momentum may affect the sustainability.
Social dominance and market sentiment
Social dominance data shows that the interest in PENGU fluctuates significantly. It initially peaked at 0.88%, then fell back to 0.51% and began to recover. This reflects that the market dynamics dominated by whales are gradually attracting retail interest, which may provide support for future gains.
Market insights from open interest and liquidation data
The overall market sentiment is optimistic, and the open interest continues to increase, indicating that traders are preparing for possible future fluctuations. The liquidation data is balanced, suggesting that the market's confidence in the current price is not yet overheated.
Conclusion: Bullish in the short term, and attention should be paid to the change of momentum in the medium and long term
The future trend of PENGU depends on whether it can break through the resistance of $0.0370 and hold the support of $0.0299. The continued active whale activities and market sentiment provide momentum for price increases, but the technical signals of insufficient momentum indicate that investors need to be cautious about the possibility of short-term corrections.
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