The PENGU crypto token has forcefully broken free from weeks of price stagnation, registering a significant 38% jump in the last day, fueled by a noticeable increase in trading activity. Market watchers now have their sights set on the $0.015 mark.
After an extended period of sideways trading largely confined between $0.004 and $0.006, the digital asset associated with Pudgy Penguins experienced a sharp 40% rally over 24 hours. This move pushed the price to challenge the $0.008 – $0.010 resistance zone, a critical level that previously gave way in early March, leading into the prolonged consolidation.
The upward momentum is substantiated by a clear spike in trading volume. Key technical indicators are also signaling bullish sentiment: the Relative Strength Index (RSI) has climbed above the 70 threshold, often seen as overbought territory but indicating strong buying pressure in this context. Furthermore, the MACD indicator shows a positive crossover, with both its lines trending upwards, reinforcing the bullish outlook. Notably, the token’s price has maintained levels above both the 20-day Exponential Moving Average (EMA) and the 50-day Simple Moving Average (SMA) for three consecutive days, a pattern not observed for months, suggesting a possible trend reversal.
Volatility appears to be returning, as indicated by the Average True Range (ATR) metric trending upwards since April 21, creating an environment conducive to further price swings.
Should PENGU successfully breach and hold above the immediate $0.010 resistance with sustained volume, the next significant target appears near $0.015. This level represented a psychological barrier where selling pressure increased in late January. A more optimistic projection points towards $0.022, an area that provided solid horizontal support during a previous downturn earlier in the year.
A potentially major driver for future PENGU price action revolves around the anticipation of a spot PENGU exchange-traded fund (ETF). Canary Capital has filed an application for such a product, which, if approved, could significantly boost demand and investor interest in the token, mirroring trends seen with other crypto assets awaiting similar regulatory decisions.