PENGU Primed for 25% Jump After Technical Breakout
PENGU's Bullish Breakout: What's Next?
Pudgy Penguins [PENGU] is turning heads with a strong performance, bucking recent market uncertainty. The memecoin has surged, outperforming major assets like Bitcoin and Ethereum.
At the time of writing, PENGU is trading at $0.0372, a 13% increase over the past 24 hours. This impressive uptick has driven increased investor and trader participation, with trading volume jumping 60% compared to the previous day.
A prominent crypto expert on X (formerly Twitter) predicts PENGU is targeting $0.041 after breaking out of a descending channel pattern.
On-Chain Metrics Fuel Optimism
On-chain data from CoinGlass supports a bullish outlook:
- Spot Inflows/Outflows: Nearly $2.10 million worth of PENGU tokens have flowed out of exchanges in the last 24 hours, indicating buying pressure.
- Long Positions: Investors are increasingly betting on the upside.
However, key liquidation levels at $0.03465 and $0.0379 suggest potential over-leveraging. Data indicates that traders have built $7.67 million worth of long positions versus $3.18 million in short positions.
Technical Analysis Points to Further Gains
Technical analysis suggests PENGU is poised for further upward movement.
The memecoin appears to have broken out of a bullish falling wedge pattern on the daily chart, potentially paving the way for significant price appreciation. If PENGU holds above $0.0365, it could rally by 25% to reach $0.0464.
The Supertrend indicator, currently green and positioned below the price, reinforces the bullish trend, suggesting that buyers are in control.
As projects like PENGU continue to evolve, security remains paramount. Platforms like Codeum offer blockchain security audits and KYC to ensure the safety and integrity of the ecosystem.