Recently, the market has been interesting; PENGU (Fat Penguin) suddenly surged, directly breaking through the neckline of the cup and handle pattern, soaring more than 23% in just a few days, reaching a high of $0.0177, the highest price since January 29! While many people were still wondering 'what kind of coin is this', it had quietly risen by 370%, quite impressive.

📈 Cup and handle pattern + ETF news, PENGU directly ignited!

This wave of explosion is not just about attractive lines; technical and news factors are working in sync:

  • Technical aspect: Cup and handle pattern breakout, which is a recognized bullish signal in traditional analysis

  • News aspect: SEC officially accepts PENGU spot ETF application!

This ETF is unusual; it plans to buy 80~95% of its position in PENGU tokens, with the rest allocated to Pudgy Penguins NFTs, essentially integrating the crypto + NFT ecosystem to maximize appeal.

The SEC's "acceptance" does not equal approval, but this is the first step before approval, which is significant!

🐋 Large on-chain holders are increasing their positions, while small retail investors are cashing out? The main players' attitude is very clear!

Since June 28, large holders holding 1 million to 100 million PENGU have been continuously increasing their positions by 21%, and whales now hold a total of 2.18 billion PENGU, which is not short-term speculation, but a true signal of 'seeking stable growth' 📊

Meanwhile, small retail investors are gradually cashing out at high levels, which is understandable given the recent rapid rise. But it is precisely the main players who are buying that have supported this wave of market!

Let's look at the exchange data:
The reserves of PENGU on exchanges have decreased from 15.6 billion to 14.3 billion, indicating that many coins have been transferred to cold wallets or long-term addresses, reducing selling pressure, which is also one of the important bullish signals.

🧠 Financing rates have turned positive, and market sentiment has shifted to bullish

According to CoinGlass data, PENGU's weighted financing rate turned positive for the first time after July 1, simply put: those who are going long now are willing to pay interest on their positions, and bullish sentiment is rising!

This indicates that the market is willing to bet on 'up', and leveraged long positions are increasing, which is a typical sentiment reversal indicator.

🔍 What does the technical chart say? The upside potential is up to 75%!

PENGU's cup and handle pattern is very standard:

  • "Cup bottom" started at $0.0037 in March, rebounding to $0.0175 in May

  • Subsequently entering the "handle" consolidation, and this week successfully breaking through the neckline!

Technical analysis estimation: the distance from the bottom to the cup mouth is about 79%, which means —
The theoretical target price is around $0.0318 📍

At the current price of $0.0177, there is still about +75% upside potential!

Of course, we must also pay attention to:
👉 If the price falls below $0.0142 support, the cup and handle pattern will be invalidated, so control the risks!

✅ To summarize: Is PENGU really going for it this time?

From fundamentals, on-chain data, news, to technical charts, this wave of PENGU's market can be said to be a four-pronged approach:

  • ETF news brings institutional imagination

  • Main funds continue to increase their holdings, large investors are not selling

  • On-chain circulation is decreasing, selling pressure is weakening

  • Cup and handle pattern + financing rate turning positive, technical support

Although the current price is still far below last December's high of $0.06845, if this momentum continues, PENGU indeed has a lot of room for growth! 🐧💬

📌 Friends who want to participate, pay attention to position management, don't go all in; before chasing highs, it can be beneficial to wait for a pullback confirmation.

📣 How far do you think PENGU can fly this time?

✍️ DYOR, manage your risks, and may everyone set sail in the crypto world! 🌊

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