PENGU price is on a tear right now. In just 24 hours, the token jumped over 30% and is trading around $0.01938. What’s even more impressive? Its trading volume shot up by more than 460%, putting PENGU at the very top of the market’s daily gainers list.
So, what’s behind the sudden move? A mix of bullish technical signals and major news around a new ETF filing. According to data from Binance and CoinMarketCap, both retail and institutional players have been piling into PENGU.
On X, crypto trader BrazilZZ reacted to the price action by pointing out how PENGU price just reclaimed a major support zone on the chart. “When they move, they move hard,” he wrote, linking the breakout to the latest ETF developments.
That brings us to the biggest story of the day: the Canary Spot PENGU ETF. On July 10, the SEC acknowledged the ETF filing, which would include 80–95% PENGU tokens and 5–15% Pudgy Penguins NFTs.
This hybrid structure is the first of its kind, blending a memecoin with NFTs under a single fund. Many in the crypto space see this as a big step toward institutional exposure.
Some analysts are now calling for a potential price target of $0.06 if the ETF gets the green light. That might sound bold, but similar surges have happened in the past with early-stage Bitcoin ETF filings, so it’s not without precedent.
Read Also: Here’s Why the Crypto Market Is Up: Bitcoin Hits New All-Time High, Ethereum Might Be Next
Pudgy Penguins Technical Setup Supports the Upside
On the daily chart, PENGU price broke above a cup-and-handle pattern with a neckline at $0.0177. The breakout came with bullish momentum indicators. The 14-day RSI stands at 62.47, while the MACD histogram is in positive territory. Fibonacci extension levels point to potential continuation toward $0.0196 and $0.0228.
Pudgy Penguin chart structure shows strong support in the $0.015–$0.017 zone, now reclaimed as buyers stepped in aggressively. The current price action is testing the $0.021–$0.025 resistance zone. A close above this level may trigger a move toward the $0.033–$0.037 region.
Image Source: X/BrazilZZ PENGU On-Chain Metrics and Market Sentiment
CoinMarketCap data shows large holders added 2.18 billion PENGU tokens in the past month. The circulating supply on exchanges also dropped from 15.6 billion to 14.3 billion. This pattern suggests reduced sell pressure and growing long-term interest.
NFT trading volume for the Pudgy Penguins collection rose 191%, adding to the positive momentum. These metrics align with increased social mentions and rising market confidence around the project.
PENGU price performance remains tied to broader acceptance of the ETF model. While indicators are bullish, traders are monitoring the $0.017 support zone. A daily close below this level would weaken the current setup. As institutional interest builds, more projects may explore similar ETF-backed structures.
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The post Here’s Why Pudgy Penguins (PENGU) Price Is Pumping appeared first on CaptainAltcoin.
