Pudgy Penguins (PENGU) eyes 20% rally as smart money piles in
Key Takeaways
Why are merchants bullish on PENGU?
PENGU is gaining traction as essentially the most purchased memecoin by good buyers, breaking previous the $0.03217 resistance and signaling potential for a 20% rally towards $0.040.
What ranges are merchants watching carefully?
Bulls count on PENGU to remain above $0.03182, with key liquidation zones between $0.03182–$0.03442.
The bullish sentiment across the Pudgy Penguins [PENGU] memecoin is heating up, indicating {that a} huge rally might be on the horizon.
Because of rising investor curiosity and a current breakout, the door has now opened for upside momentum.
PENGU – The best choice of good buyers
Lately, a Solana-based crypto community shared a put up on X (previously Twitter), revealing that PENGU is gaining immense recognition amongst good buyers.
The neighborhood acknowledged,
“PENGU is essentially the most purchased meme coin by good cash prior to now 24 hours.”
Supply: X (Previously Twitter)
In keeping with the put up, BONK, Jupiter [JUP], Moo Deng [MOODENG], and Ineffective [USELESS] lagged behind PENGU when it comes to good investor curiosity.
Present value momentum
On the fifth of October, PENGU posted a acquire of 4.75% over the previous 24 hours, buying and selling close to $0.0332. Regardless of the numerous value enhance, market members stay hesitant, as evidenced by the low buying and selling quantity.
Knowledge from CoinMarketCap revealed that the memecoin’s 24-hour buying and selling quantity dipped by 10% to $375 million.
The worth soar in PENGU is not only as a consequence of investor curiosity or the current breakout; one other key catalyst strengthening the memecoin’s bullish outlook is the sentiment shift and notable value surge in Solana [SOL].
PENGU: Worth motion and upcoming stage
In keeping with TradingView’s four-hour chart, PENGU has turned bullish after breaking a key resistance at $0.03217, which it had been testing for the previous 4 days.
The asset continued to soar, suggesting a profitable breakout.
Supply: TradingView
Primarily based on the present value motion, if the memecoin closes the day by day candle above this resistance stage, it may see a 20% value uptick and doubtlessly attain the $0.040 stage within the close to future.
Regardless of robust bullish value motion, PENGU’s Supertrend indicator continued to show a purple development and hovered above the memecoin’s value, indicating that the asset remained in a downtrend.
In the meantime, its Common Directional Index (ADX) worth stood at 15, beneath the important thing threshold of 25, indicating weak directional momentum.
PENGU’s bullish outlook might be validated so long as it holds above the $0.0338 stage; in any other case, it could be invalidated.
Merchants’ robust bullish outlook
Given the present market sentiment, it appeared that merchants’ outlook on PENGU has shifted, as their lengthy place bets continued to rise.
Knowledge from CoinGlass confirmed that PENGU’s main liquidation ranges stood at $0.03182 on the decrease aspect and $0.03442 on the higher aspect.
Supply: CoinGlass
At these ranges, merchants are additionally over-leveraged, holding $6.48 million price of lengthy positions and $1.35 million price of quick positions.
Whereas analyzing the lengthy and quick positions, it seems that bulls are strongly dominating the asset, hoping that PENGU’s value gained’t fall beneath the $0.03182 stage.
