PENGU Token Surges 38% as Price Breaks Out of Long-Stagnant Phase
PENGU, the token behind the popular pudgy Penguins project, has seen a massive price surge. In just 24 hours, it jumped 38%, breaking free from a multi-week period of low activity. This sudden move has investors excited, with the token now eyeing a new target of $0.015.
The token’s price action has been impressive. It’s now challenging the $0.008 to $0.010 range. This zone was a previous resistance level.It had acted as a barrier in early March. Since then, the price had been stuck between $0.004 and $0.006. The breakout comes with increased trading volume. This suggests strong buying interest.
Technical indicators are also bullish. The Relative Strength Index (RSI) is above 70, indicating strong momentum. The Moving Average Convergence Divergence (MACD) shows a bullish crossover. Both the MACD line and signal line are trending up. The price has closed above the 20-day EMA and 50-day SMA for three days. This is the first time in months. The Average True Range (ATR) is rising, showing growing volatility. If PENGU can hold above $0.010 with strong volume,the next key level is $0.015. This was a resistance zone in late January.
Looking further, $0.022 is a significant target. It’s where strong support formed in January. A major factor that could boost PENGU’s price is the potential approval of the PENGU ETF by Canary Capital.This could attract more institutional investors.
For now, traders shoudl watch the $0.010 level. A sustained break above this could signal a strong upward trend. Keep an eye on volume and technical indicators for confirmation.
