The post Pudgy Penguins surges 142% in a month – Will PENGU’s momentum hold? appeared on BitcoinEthereumNews.com.

Pudgy Penguins showed strong upward momentum across timeframes. PENGU climbed 142% in 30 days, reflecting firm demand and buyer dominance. Pudgy Penguins [PENGU] has posted a 142.2% gain on the monthly chart, with bullish momentum spilling into weekly and daily timeframes. As such, the memecoin jumped 23% over the past seven days. Over the past day, PENGU has surged from $0.010 to $0.012, marking a 19% gain on daily charts. At press time, it retraced to $0.01175, an 11.08% rise. Volume also spiked 125%, hitting $250.8 million, while Open Interest climbed 12.7% to $77.95 million. That combination of price, volume, and Open Interest typically signals strong directional conviction. Thus, investors are buying the memecoin and taking strategic positions, awaiting the next move. With these conditions, it seems the memecoin is positioning for a sustained reversal to the uptrend. Could PENGU continue with the rise to breach the $0.014 resistance level? Can PENGU maintain its recent gains? According to AMBCrypto’s analysis, the Pudgy Penguins token is experiencing higher buying pressure as market sentiment remains bullish. For starters, looking at the memecoin’s Spot Netflow, it has held within the negative territory since the 28th of April, as it sat at -$1.15 million. A negative spot netflow for a sustained period of time reflects strong accumulation, with buying hands prevailing in the market. Thus, PENGU is recording more exchange withdrawals than inflows, signaling bullish sentiment and confidence in the market. Source: CoinGlass Moreover, Funding Rates have flipped positive after briefly dipping into negative territory the day prior. This shift implies that traders are paying to maintain long positions, reflecting expectations of further price appreciation. Source: Santiment Positive Weighted Sentiment further confirmed this market bullishness. When the Pudgy Penguins memecoin retraced, its Weighted Sentiment turned negative. It has since rebounded, suggesting that traders remain…

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Filed under: News - @ May 3, 2025 2:25 pm