- PENGU faced a key resistance at $0.0370, with support at $0.0299 for potential breakout.
- Market sentiment showed optimism, with rising Open Interest and balanced liquidation dynamics.
Whale activity has captured the spotlight in the Pudgy Penguins [PENGU] market, as a newly created wallet transferred $3.13M worth of tokens from Binance.
This significant move coincided with a surge in momentum, driving PENGU’s price up by 15.14% to $0.03435, while 24-hour trading volume soared 113.43% to $734.47M.
At press time, PENGU held a market cap of $2.14B. With such explosive growth, many are questioning whether PENGU can maintain its bullish momentum or if volatility is around the corner.
PENGU’s critical levels
PENGU’s recent price movements indicated key resistance and support levels that traders were closely observing. The token peaked at $0.0351 but faced significant resistance at $0.0370.
A breakout above this level could pave the way for further upward momentum, potentially targeting $0.04.
Conversely, the $0.0299 support level is crucial; any drop below this may weaken the bullish narrative. Therefore, traders should monitor these levels carefully as the market tests its next direction.
Source: TradingView
Technical indicators reveal mixed signals
Looking at technical indicators, the MACD signals growing bullish momentum as the histogram turns positive and the MACD line moves above the signal line.
This aligns with recent price increases, suggesting optimism.
However, the ADX, which measures trend strength, was 21.39 at press time, indicating weak trend reinforcement.
This suggests that while the upward trend is evident, it lacks the strong conviction required for sustained growth. Therefore, further confirmation from these indicators is necessary.
Social dominance highlights shifting sentiment
Social dominance data showed fluctuating interest in PENGU, with dominance initially peaking at 0.88% before falling to 0.51% and showing signs of recovery.
This trend reflected alternating influence between whales and retail traders. However, growing chatter about PENGU could reignite retail interest, which might support further upward movement.
Source: Santiment
Market sentiment and liquidation data
Open Interest has surged by 31.59% to $190.22M, reflecting growing speculative activity around PENGU, as per Coinglass analytics.
However, the liquidation chart revealed balanced dynamics, with short liquidations at $368.84K versus $232.07K in longs.
This suggests that while the market is heating up, it remains relatively stable, allowing room for a potential sustained rally.
Source: Coinglass
Read Pudgy Penguins’ [PENGU] Price Prediction 2024–2025
PENGU’s whale-driven rally, coupled with strong trading activity, suggests potential for further growth. However, mixed technical signals and key resistance levels indicate challenges ahead.
For now, PENGU’s rally seems poised to continue, but traders must stay vigilant as volatility remains a possibility.
