Key Takeaways
PENGU surged 13%, broke key resistance, and shows bullish momentum with strong inflows, rising long positions, and technical indicators pointing toward a potential rally to $0.0464.
Despite market uncertainty, Pudgy Penguins [PENGU] is gaining attention for its strong and impressive performance.
At press time, the memecoin surged by 13%, topping the crypto market and paving the way for a potential massive price rally.
Not just that, the memecoin has also outpaced major assets like Bitcoin [BTC], Ethereum [ETH], and others.
At the time of writing, PENGU’s price stood at $0.0372, having climbed 13% over the past 24 hours.
Due to its impressive price uptick, investor and trader participation has also skyrocketed. CoinMarketCap data revealed that the memecoin’s Trading Volume during the same period jumped by 60% compared to the previous day.
Given the current market sentiment, a prominent crypto expert made a post on X (formerly Twitter) with a bold prediction. The expert stated that PENGU is targeting $0.041, as it has successfully broken out of a descending channel pattern.
On-chain metrics support the bullish case
In addition to this bold prediction, investors and traders have been accumulating and betting on the bullish side, as revealed by the on-chain analytics firm CoinGlass.
Data from spot inflows and outflows shows that over the past 24 hours, nearly $2.10 million worth of PENGU tokens have flowed out of exchanges, at press time.
This outflow is typically associated with investors withdrawing tokens from exchanges, which creates buying pressure and upward momentum.
Source: CoinGlass
Investors and traders seem to be aligning with the bullish sentiment, as long position bets have surged.
However, key liquidation levels at $0.03465 and $0.0379 suggest potential over-leveraging.
Source: CoinGlass
At these levels, traders have built $7.67 million worth of long positions and $3.18 million worth of short positions.
These metrics make it clear that the bulls are dominating, and there are no major levels that could pose a hurdle for PENGU as it continues its upward momentum.
PENGU price action and technical analysis
AMBCrypto’s technical analysis reveals that PENGU appears bullish and is poised for an upward rally.
On the daily chart, the memecoin seems to have broken out of a bullish falling wedge pattern, following a period of narrow consolidation within the pattern.
This breakout has now opened the path for a significant price uptick.
Source: TradingView
Based on recent price action, if the memecoin holds this breakout and sustains above the $0.0365 level, there is a strong possibility it could soar by 25% and reach the $0.0464 level.
This bullish momentum is further supported by the ‘Supertrend’ indicator, which is green and positioned below the memecoin’s price.
This suggests that PENGU is in an uptrend and the bulls are in control.
