Despite PENGU's 32% price increase, negative funding signals and weak sentiment suggest speculators remain skeptical.
A concentrated liquidation zone above the $0.010 level could fuel a breakout towards the $0.012 resistance.
Pudgy Penguins [PENGU] surged 32% shortly after its NYSE listing with VanEck on June 23, putting pressure on a test of the key resistance level of $0.010.
However, after the initial surge, the token failed to hold above this level and is trading around $0.009773 at the time of writing.
The price is close to the 1.0 Fibonacci extension level – a strong technical resistance area that often appears. Although the recent listing has stimulated the upside, the trading sentiment remains highly cautious.
To confirm a sustainable breakout, investors cannot rely on market fever alone – indicators such as capital inflows, positive sentiment and technical confirmation are required.
Source: X/Ali
Does PENGU's Funding Rate Signal Trader Hesitancy?
Funding Rate on Binance in June maintained erratic fluctuations, rotating between positive and negative levels.
Despite the asset's surge in value over the past 24 hours, the Funding Rate remains below neutral, reflecting the overwhelming short bias among leveraged traders.
This persistent negativity suggests that players may be defending against a false breakout or lack confidence in a sustained uptrend.
So, despite the positive buzz surrounding the NYSE listing, Open Interest data suggests caution as trading activity has yet to pick up. A clear break of $0.010 could trigger a change in sentiment in the derivatives market.
Source: Santiment
Does the recent cash inflow reflect real demand or just…
The latest net inflow data shows a $46.8K increase on June 25, signaling a slight consolidation after weeks of steady outflows.
However, the figure is still quite modest compared to previous large withdrawals, suggesting that the buying may be more opportunistic than driven by solid conviction.
If investors are expecting a sustained breakout, the inflows will have to be more consistent and stronger. For now, the data is more cautious than clearly bullish.
Source: CoinGlass
Why hasn't psychology caught up with the price jump?
Despite the 32% surge, the Weighted Sentiment Index remained virtually unchanged at -0.17, indicating that the crowd remains neutral to bearish on PENGU's move higher.
Social media discussions have yet to generate strong momentum; the lack of excitement could be either a bullish mixed signal or a warning that the rally lacks a solid foundation.
Historically, price increases without community consensus have had difficulty sustaining long-term momentum.
Therefore, if sentiment does not improve, this price recovery momentum could quickly weaken and disappear.
Source: Santiment
Is PENGU's technical momentum strong enough to sustain the uptrend?
Technical analysis shows mixed signals: Bollinger Bands signal volatility compression, while the MACD indicator holds near the equilibrium point at the moment.
Although the MACD is slightly tilted to the upside, it has not shown any clear signs of changing direction, indicating that the buyers have not yet gained absolute dominance.
Without solid liquidity confirmation, this recovery is vulnerable to reversal if the price continues to be held back below $0.010.
Source: TradingView
Will the liquidation zone above $0.010 create momentum for a new breakout?
The liquidation heat map shows dense clusters of liquidations just above the $0.010 threshold, concentrated mainly between $0.0102 and $0.0106.
A break of this level could trigger a wave of short position liquidation, fueling a rapid and strong price increase.
These are key resistance levels that traders will need to watch closely to confirm whether the price can break above and sustain above this zone. A break above this zone will open the way for the next target at the $0.012 Fibonacci extension level.
Source: CoinGlass
PENGU's 32% surge reflects renewed excitement, but indicators such as sentiment, money flow, and technical signals still show clear hesitation.
If the bulls can turn $0.010 into solid support, backed by a wave of short liquidations and stronger conviction, the chances of a sustained rally to $0.012 will be much higher.
Until then, this move, while full of potential, has not been confirmed for certain.
Source: https://tintucbitcoin.com/ly-do-pengu-vuot-0010-usd/
Thank you for reading this article!
Please Like, Comment and Follow TinTucBitcoin to stay updated with the latest news about the cryptocurrency market and not miss any important information!
