PENGU gains over 65% in a week, driven by ETF filing and renewed market interest.
Technicals show bullish momentum, with key resistance at $0.01745 and target near $0.044.
Whale activity and strong support levels signal growing confidence in PENGU’s breakout potential.
PENGU, the Solana-based token tied to the Pudgy Penguins NFT ecosystem, has surged in recent days, drawing interest from both retail and institutional sectors. The asset has risen over 65% in the last week, maintaining strength above key technical levels. At the time of writing, PENGU was trading at $0.01533, supported by growing market volume and renewed investor sentiment.
Strong Fundamentals and ETF Buzz Fuel Demand
The recent uptick in PENGU’s value has coincided with the June 25 filing by Cboe BZX Exchange to the U.S. Securities and Exchange Commission. The filing proposes a new ETF that would allocate between 80% and 95% of its funds to PENGU tokens, with the remaining 5% to 15% invested in Pudgy Penguins NFTs.
https://twitter.com/ali_charts/status/1940491666278006969
This structure aims to provide diversified exposure to both token and NFT markets. According to an observation by Ali Charts, "Fundamentally, PENGU looks solid," noting the rapid developments within the project over recent months.
This ETF news has led to increased whale activity and strong market interest, pushing Pudgy Penguins back into the top 100 cryptocurrencies by market cap. The project’s market capitalization currently stands around $1 billion.
Technical Strength Builds Toward Key Resistance
From a technical standpoint, PENGU is exhibiting clear signs of bullish pressure. The token has broken above its 20-day SMA and 10-day EMA, showing upward momentum. It is also trading above the $0.012 support zone, with volume rising steadily.
Technical analysts are now watching the $0.020 area as the next potential target. According to an analysis prepared by Altcoin Sherpa, support lies between $0.012 and $0.013, while resistance is near $0.01745.
Another technical observation by AltCryptoGems noted that PENGU is approaching the neckline of a “Cup and Handle” pattern on the 12-hour chart, a common precursor to upward breakouts. If the current trend continues, and with buying pressure sustained, the token could move toward the $0.044 level, representing a potential 200% increase.
The post “PENGU Looks Solid” as ETF Filing Drives Volume Surge and Eyes Set on $0.044 Breakout appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
