PENGU Looks Set to Soar Further Amid Strong Market Signals
PENGU, the token behind the popular Pudgy Penguins project, may continue its upward trend following a strong performance. The token soared past a key resistance level, called the neckline, on its daily price chart, indicating a bullish continuation pattern known as a cup and handle.
The latest increase pushed PENGU up by more than 23%, reaching $0.0177—a new peak sence late january. This surge lifts the token’s value by over 125% as its recent low and a astounding 370% up from its value year-to-date.
PENGU’s impressive gains have positioned it as the top performer within the top 100 cryptocurrencies by market cap. The token has climbed back to a $1 billion market cap,signaling restored investor trust.
A major booster for PENGU was the U.S. SEC’s recognition of the application for a PENGU-based ETF. If approved, this fund would hold a majority stake—between 80% to 95%—in PENGU tokens alongside Pudgy Penguins NFTs, making it easier for investors to access this digital ecosystem.
Positive developments are strengthening interest in PENGU. Whales, the big investors in cryptocurrencies, have bolstered their PENGU holdings by 21% over the last month, now holding a total of 2.18 billion tokens. This shows long-term belief among experienced investors.
Exchanges have fewer PENGU tokens available, dropping from 15.6 billion last June to 14.3 billion today. This scarcity frequently enough supports rising prices, pointing towards a bullish future for PENGU.
Traders have also noticed a shift in funding rates on derivatives platforms. PENGU’s funding rate turned positive, meaning that buyers are willing to pay sellers to hold onto their contracts. This indicates strong bullish market sentiment and increased demand for leveraged buy positions.
Looking at the technical picture, PENGU has formed a classic cup-and-handle pattern, a signal that often precedes considerable price rises. If this pattern holds up, PENGU could aim towards $0.0318—an estimated 75% jump. However,if PENGU falls below $0.0142, this bullish outlook may weaken.
While there is a long way to go to reclaim the all-time high of $0.06845, the stage seems set for continued growth in PENGU’s value.
