Pudgy Penguins Nears a 3-Month High as CBOE Moves to List PENGU ETF
Pudgy Penguins (PENGU) has soared 34% after significant whale accumulation and the filing of the Canary PENGU ETF. If it breaks through the resistance at $0.0129, further gains to $0.0151 could follow.
PENGU has seen a sharp uptick in price, rising by 34% in the last 24 hours, reaching a multi-week high and nearing its May highs.
This surge is driven by a major development for Pudgy Penguins, sparking a bullish reaction from both holders and whales. The growing momentum is setting the stage for further growth.
Pudgy Penguins Whales Are Accumulating
Whales are actively accumulating PENGU to capitalize on its recent price rise. In just the last 24 hours, over 200 million PENGU, worth more than $2.4 million, were purchased by investors holding over $1 million worth of tokens. This significant accumulation is likely to help sustain the recent price rally.
With whales betting on further price growth, the buying pressure is expected to continue. As large holders accumulate PENGU, their actions help drive the market sentiment in a bullish direction, attracting smaller investors to follow suit.
This dynamic could play a crucial role in maintaining the meme coin’s upward momentum.
PENGU Whale Holdings. Source:
Nansen
The overall macro momentum for PENGU shows strong bullish signals, with key technical indicators supporting the positive outlook.
The Relative Strength Index (RSI) is currently in the bullish zone, above the neutral mark, indicating a strong upward trend for the token. This is the highest level for the RSI in recent weeks, further confirming the altcoin’s bullish behavior.
The filing of the Canary PENGU ETF with the SEC has been a surprise for the community, adding significant weight to PENGU’s bullish outlook. The first-ever PENGU ETF and it could act as an additional catalyst for price movement.
PENGU RSI. Source:
TradingView
PENGU Price Aims Upwards
The PENGU price has risen nearly 30% in the past 24 hours, and the token is currently trading near $0.0134. The token is facing resistance around the $0.014 level.
This area previously acted as support before the sharp sell-off, and now it’s being tested from below, indicating potential resistance.
Suppose PENGU manages to break above the $0.01350 resistance with strong volume. In that case, the next key level to watch is around $0.01370–$0.01375, which is the next visible support-turned-resistance zone from earlier price consolidation.
A successful move through that range could open the path back toward $0.01400, where prior supply clusters exist.
Conversely, failure to sustain $0.01350 could result in a retest of the demand zone.
If sellers regain control and break below $0.01335, PENGU risks dropping further to the next demand area near $0.0129, where the previous bounce began.
This would signal ongoing bearish pressure and lack of bullish commitment.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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