PENGU is leading the memecoin wave by rising strongly, outpacing all competitors alongside the cryptocurrency market's recovery. However, correction pressure still exists around the 0.036 USD mark.
PENGU's growth is supported by individual and institutional investors, as well as macro events, but there are no confirmed signals breaking through important resistance levels for a sustainable breakout.
MAIN CONTENT
PENGU increased over 15% in one day, leading the memecoins, with a trading volume explosion of 1 billion USD.
Technical analysis shows PENGU still in the correction channel, needing to surpass 0.036 USD to confirm the uptrend.
Community attention, listings on major exchanges, and institutional acceptance are key drivers for this price increase.
What is PENGU?
PENGU is a memecoin originating from the Pudgy Penguins community, notable for its strong growth among similar Tokens.
PENGU has made a significant mark due to its rapid price increase compared to the cryptocurrency market, while attracting widespread attention from individual investors and major platforms. A strong community development, with over 5 million followers on social media and more than 2 million at stores, as well as many international collaborations, has contributed to strengthening PENGU's position.
PENGU is growing strongly with the market: What are the developments and outstanding numbers?
PENGU has seen an increase of over 15% in one day, outperforming all other memecoins, closing near the price zone of 0.035 USD after forming a solid double bottom pattern.
PENGU's trading volume surged by 220% within just a few hours, surpassing 1 billion USD and leading the memecoin market (Source: TradingView). This price increase coincided with Fed Chairman Jerome Powell's speech at Jackson Hole, suggesting a possible interest rate cut in September, providing momentum for the cryptocurrency market to recover strongly.
PENGU is facing a correction resistance zone – What does this mean for investors?
According to expert Ali Martinez, PENGU remains in a technical correction phase despite the notable upward momentum, needing to break through 0.036 USD to establish the next price uptrend.
PENGU has all the elements to target 0.10 USD, but it must break through the resistance in the correction channel to confirm a new uptrend.
– Ali Martinez, Cryptocurrency market technical analyst, 2024, X.com
The price chart of PENGU indicates a decisive resistance zone at the top of the correction channel. If the price breaks through, the short-term target could aim for 0.046 USD and further to 0.10 USD. Currently, the DMI indicator is turning bullish and the bull flag pattern suggests the possibility of continued uptrend, but confirmation still requires a breakout signal beyond this pattern.
Where does PENGU's price increase momentum come from?
The price increase stems from a combination of widespread acceptance, appearances on major exchanges, and participation from financial institutions.
Key developments driving PENGU include: being listed on CBOE, spot ETF proposals, recognition from the SEC, collaborations with VanEck and Bitwise. Additionally, development activities in Asia, notably the listing on Upbit, have contributed to expanding the user base and affirming the Token's appeal in the global market.
Technical analysis: The strength of capital flow and pending liquidity thresholds?
The total Open Interest index on Velo has broken the resistance level, reaching 5.29 billion USD with a trading volume of 21.71 billion USD, indicating that significant capital is concentrated.
CoinGlass data recorded over 30 million USD in long orders waiting to activate just below the current price zone, while short orders are thinner above 0.036 USD. This implies the market is leaning towards an uptrend, while expecting moves to attract liquidity before confirming a breakout. A strong surge will trigger a short squeeze, pushing prices up quickly, while if corrected, long orders will be filled and may prolong the subsequent increase.
What conditions does PENGU need to sustain a price increase?
PENGU needs to break the bull flag pattern signal and exceed the 0.036 USD threshold to confirm the formation of a long-term uptrend.
If successful, the price increase could aim up to 0.046 USD, continuing to target the 0.10 USD mark as per expert analysis. However, investors still need to be cautious due to the unconfirmed technical structure and potential liquidity levels that may pose short-term reversal risks.
Comparing PENGU with other memecoins regarding growth and potential
PENGU stands out with its rapid price increase capabilities, based on trading data, participation from major institutions, and an active community, temporarily leading among other memecoins at the same time.
Memecoin % increase in one day Trading volume Support events PENGU 15% 1 billion USD Listings on major exchanges, institutional collaborations, large community Others Below 10% Below 0.5 billion USD Mainly short-term speculation
Frequently asked questions
What is PENGU and why is it of interest?
PENGU is a prominent memecoin from the Pudgy Penguins community, attracting attention due to its growth rate, large user base, and connections with reputable organizations.
Has PENGU confirmed the continuation of its uptrend yet?
PENGU has not confirmed a long-term uptrend as it remains in the correction channel and must break through the 0.036 USD resistance zone.
What makes PENGU's price increase outstanding?
PENGU benefits from being listed on major exchanges, a large community, institutional collaborations, and macro events positively impacting the entire market.
What risks are there for PENGU investors?
Risks include not confirming a breakout from the bull flag, large pending liquidity levels, and the potential for uncontrollable volatility when the market reverses.
What distinguishes PENGU from other memecoins?
PENGU has superior growth rates, institutional presence, a large community, and leading liquidity compared to other memecoins at the same time.
Source: https://tintucbitcoin.com/pengu-tang-manh-sat-moc-010-usd/
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