PENGU Token Surges 38% as Breakout Gains Momentum
PENGU, the token behind the popular Pudgy Penguins project, has seen a massive price surge.In just 24 hours, it jumped 38%, breaking out of a long consolidation phase. The token is now eyeing a key resistance level at $0.015.
For weeks, PENGU was stuck in a sideways movement, showing low volatility. But recently, it broke out of this pattern. The price is now testing the $0.008 to $0.010 range. This zone previously acted as a resistance level in early march.The breakout was fueled by a significant increase in trading volume and positive momentum indicators.
Technical analysis shows strong bullish signals. The Relative Strength Index (RSI) has crossed above 70, indicating a strong upward trend.
With volatility returning,the conditions are ripe for further price movement. If PENGU holds above $0.010 with good volume, the next key level to watch is $0.015. This zone saw selling pressure in late January and could act as the next major resistance.A more enterprising target is around $0.022, where strong support formed in January.
One factor that could push PENGU even higher is the potential approval of the PENGU ETF. Canary Capital has filed for this ETF, wich could attract more investors.
For more detailed charts and analysis, check TradingView.
