Pudgy Penguins breaks out above $0.028 – PENGU’s ATH on the way?
The post Pudgy Penguins breaks out above $0.028 – PENGU’s ATH on the way? appeared on BitcoinEthereumNews.com.
An inverse head-and-shoulders breakout pushed PENGU toward $0.028, signaling renewed bullish momentum. Funding Rates at 0.0135 and $430M trading volume showed that the memecoin could reach a new ATH soon. Pudgy Penguins [PENGU] has shown a bullish breakout after forming an inverse head-and-shoulders pattern, a reliable technical indicator of potential trend reversals. This pattern is visible on the chart through three troughs: the left shoulder, head, and right shoulder. The breakout occurred above the $0.028 resistance level, marking a key milestone in confirming upward momentum. The $0.028 level, previously a resistance zone, now acts as support, with traders closely monitoring its ability to hold. A retest and successful defense of this level could strengthen the token’s rally. The breakout was accompanied by a spike in trading volume, showcasing increased market confidence and buying pressure. Source: TradingView Growing interest in PENGU PENGU’s 24-hour trading volume has surged to $430.56 million, representing a 27.50% increase, according to Coinglass. This increase in activity reflected growing interest in the token, likely driven by the breakout and ongoing rumors of an Abstract airdrop for PENGU holders. The memecoin’s market capitalization was $1.55 billion at press time, with a circulating supply of 63 billion tokens. Despite the bullish momentum, PENGU has seen a 27.06% decline over the past seven days, showcasing both market enthusiasm and short-term volatility. Positive sentiment on the rise Aggregated Predicted Funding Rates for PENGU stood at 0.0135 at press time, favoring long positions. Between the 11th and the 18th of January, Funding Rates consistently rose, peaking at 0.03 before stabilizing above 0.01. This trend indicates sustained optimism among traders, even as Funding Rates experienced minor pullbacks after the peak. Source: Coinalyze Open Interest for PENGU has also increased by 10.52% to $174.19 million, suggesting that traders were positioning for further price movement. …
Filed under: News - @ January 24, 2025 2:26 am