PENGU Price Surge: Rally to Continue?
The PENGU token experienced a significant price increase, rising 34% in the last 24 hours and nearing its May highs. This surge follows a major development within the Pudgy Penguins ecosystem, triggering a bullish response from investors.
Pudgy Penguins Whale Accumulation
A key driver behind this price increase is the active accumulation of PENGU by whales. Over 200 million PENGU (valued at over $2.4 million) were purchased in the last 24 hours by investors holding over $1 million in PENGU. This substantial buying pressure suggests sustained upward momentum.
The increased whale activity is influencing market sentiment positively, potentially attracting smaller investors. This dynamic could be crucial in maintaining the meme coin's upward trajectory.
Technical Analysis: Bullish Signals
Technical indicators further support a bullish outlook for PENGU. The Relative Strength Index (RSI) is above the neutral mark, firmly in the bullish zone—its highest level in weeks. This confirms the altcoin's strong upward trend.
The recent SEC filing for a Canary PENGU ETF has also added to the positive sentiment, potentially acting as a significant catalyst for future price movement. This would be the first-ever PENGU ETF.
PENGU Price Outlook
PENGU is currently trading near $0.0134 after its recent price jump. Resistance sits around $0.014, a previous support level. Breaking above $0.01350 with strong volume could lead to further gains, targeting $0.01370–$0.01375 and potentially $0.01400.
Conversely, failure to hold above $0.01350 might trigger a retest of the demand zone near $0.0129, indicating weakening bullish momentum.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Market conditions are subject to rapid change. Conduct thorough research and consult a professional before making investment decisions.
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