PENGU Rises 34% in the Last 24 Hours: Strong Buying from Whales, ETF Application Surprise
PENGU reached a multi-week high, approaching the peaks of May with an impressive 34% increase in the last 24 hours. This sharp rise occurred with the support of both technical indicators and fundamental developments.
Strong Demand from Whales
Especially the active buying by large investors (whales) played a critical role in this rise. In the last 24 hours, whales have accumulated 200 million PENGU tokens worth over $2.4 million. These investors are known as addresses holding over $1 million in PENGU.
This intense buying pressure has strengthened bullish expectations in the market. The buying activity of whales positively affects market sentiment and creates a chain reaction of rising potential by encouraging smaller investors to buy as well.
ETF Application Surprise
Another important development affecting the rise was the PENGU ETF application submitted by Canary Digital to the SEC. This unexpected development for the community could be a new catalyst for PENGU and may create long-term positive effects on the price.
Technical Outlook: What Are the Critical Levels?
Currently, PENGU is trading at $0.0134. In the short term, the range of $0.0135 – $0.01375 stands out as a critical resistance area. Breaking these levels with strong volume could push the price first to $0.0140 and then to $0.0151.
However, if this resistance is not broken, a pullback to $0.0129 may come into play. If it falls below this level, the decline may deepen to $0.0100.
The Relative Strength Index (RSI) is currently above the neutral level and supports an upward trend. This situation indicates that bullish momentum is still ongoing technically.
Conclusion: Strong Upward Potential But Needs to Be Monitored Carefully
PENGU presents a positive picture in both technical and fundamental indicators. While the ETF application and whale interest support the rise, investors need to carefully monitor movements in the range of $0.0135 – $0.0151 in the short term. The downward risk may become more pronounced with closures below $0.0129.
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