Pengu has seen prices rise sharply, rising 34% in the last 24 hours, reaching multiple weekly highs and approaching May’s highs.
This surge is driven by the major development of drooping penguins, causing bullish responses from both holders and whales. What’s gaining momentum is setting further stages of growth.
Porky penguin whales are accumulating
Whales are actively accumulating pens to take advantage of recent price increases. Over the past 24 hours, more than 200 million Pengus worth more than $2.4 million have been purchased by investors holding tokens over $1 million. This significant accumulation could help maintain the recent price rise.
Buying pressure is expected to continue as whales bet on further price growth. As large holders accumulate pengies, their actions drive market sentiment in a bullish direction, attracting small investors and working together.
This dynamic could play a key role in maintaining the upward momentum of the meme coin.
Pengu’s overall macro momentum shows a strong bullish signal, with key technical indicators supporting a positive outlook.
The relative strength index (RSI) is currently in the bullish zone above the neutral mark, indicating a strong upward trend in tokens. This has been the highest level for RSI in recent weeks, further confirming Altcoin’s bullish behavior.
The Canary Pengu ETF’s submission to the SEC was a surprise to the community and added a significant amount of weight to Pengu’s bullish outlook. The first-ever Pengu ETF and it could serve as an additional catalyst for price transfers.
Pengu Price’s purpose is upwards
Pengu prices have risen nearly 30% in the last 24 hours, with tokens currently trading nearly $0.0134. The token faces resistance at a level of $0.014.
This area previously served as support before a sharp sale, but is now being tested from underneath, indicating potential resistance.
Let’s say Pengu is above $0.01350 resistance with a strong volume. In that case, the next key level to watch is about $0.01370-0.01375.
A successful move through that range will cause the path to return to $0.01400.
Conversely, failing to maintain $0.01350 could result in a retest of the demand zone.
If the seller regains control and falls below $0.01335, the pen will drop further to the next demand area near $0.0129, where the previous bounce began.
This would indicate ongoing bear pressure and lack of bullish commitment.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
