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Popular Solana-based memecoin Pudgy Penguins (PENGU) has been attracting the attention of crypto enthusiasts due to its strong performance over the past week. Today, following a 12% price increase, memecoin has reached a level that could potentially open the door to a major upward move.
At the time of writing, PENGU was up over 12.13% in the last 24 hours and was trading at $0.0081. Meanwhile, trading volume increased by 170% during the same period; This is a sign of strong interest from market participants.
This increase in trading volume is not only evidence of increased participation, but also evidence that traders and investors may be interested in memecoin’s continued trend.
PENGU – Traders and investors are bullish!
While analyzing data from derivatives broker Coinglass and its analysis platform NansenIt appears that both investors and traders may be reinforcing the current trend by betting on long positions and accumulating tokens.
Latest data from PENGU’s Stock Liquidity Map revealed that intraday traders are strongly positioned at $0.00735 on the downside and $0.00824 on the upside. At these levels, they created a long leveraged position worth $3.11 million and a short leveraged position worth $815k (Currently on the verge of liquidation).
This indicated that trader sentiment may be leaning towards the bullish side. Especially since they seem to believe that PENGU is unlikely to fall below the $0.00735 level anytime soon.
On the other hand, investors are saving.
New wallets recorded $327k worth of inflows to memecoin – twice the average over the last 24 hours. During the same period, PENGU whales also increased their holdings by 881.89 million tokens; This corresponds to 3.90%.
Memecoin eyes a 22 percent price increase
According to AMBCrypto’s technical analysis, PENGU appears to be at the “make or break” level on the daily chart. Especially since it was facing significant resistance at $0.00815 at press time.
Since the beginning of February, memecoin has reached this level multiple times. However, it was not always able to rise above this level, causing prices to reverse.
However, this time, a reversal can be avoided if PENGU closes the daily candle above the $0.0085 level. In such a case, there is a strong possibility that memecoin will see another 22 percent price increase and potentially reach the $0.0104 level.
However, if this level is not exceeded, a reversal may occur.
At the time of writing, the technical indicator Average Directional Index (ADX), which measures the strength of the trend, was at 20.11, below the 25 key threshold, which is indicative of weak directional momentum.
As expected, these findings sparked a variety of predictions. One such expert shared PENGU’s daily chart in a post on X; Here it turned out that memecoin could break out of a long-term descending trend line. Pointing to this breakout, the expert stated that “we expect an upward rally of +250%.”
All of these taken together could be signs of PENGU’s strong bullish potential. Memecoin may see significant increases in the coming days. However, this can only be possible if it clears the $0.00815 hurdle.
Final Summary
- With a price increase of 12.05%, PENGU may be approaching a successful exit and a price increase of 22%.
- Market participation signaled strong interest in the asset, with Whales also increasing their holdings by 4.01%.
