PENGU Rally: Whale Buys and ETF News Fuel 5-Day Surge
PENGU Rally– Pudgy Penguins’ native token, PENGU, has seen a dramatic price increase over the past five days. From a low of $0.0095 on June 25, the token surged by 48.6%, fueled by growing speculation and technical momentum.
The rally followed news of the Canary PENGU ETF filing, which stirred significant interest. Surprisingly, despite negative weighted sentiment and bearish funding rates, the token continued its climb—suggesting many traders were positioned short, fueling a potential short squeeze.
According to CryptoSlam, “NFT sales volume reached $1.498 million this week, up 47%,” with sales transactions also increasing by 41%. Meanwhile, a 200 million PENGU whale buy—worth approximately $2.4 million—added to bullish momentum.
Technical Structure Suggests Strength
The breakout above local resistance levels at $0.01 and $0.011 occurred on strong volume. This move created a Fair Value Gap (FVG), a technical imbalance in price that often acts as a future demand zone. Traders may watch this area for potential bullish reactions.
Volume indicators support continued demand. The On-Balance Volume (OBV) hit new highs, while the Chaikin Money Flow (CMF) posted a solid +0.1 reading. Additionally, the Money Flow Index (MFI) pushed above 50, trending toward 80—another sign of healthy inflows.
Key Levels to Watch
The $0.0122–$0.0130 zone, filled with long liquidations and overlapping with the FVG, could serve as support. Meanwhile, $0.0156 may act as resistance. Current momentum suggests a continuation rather than range formation.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
