Pudgy Penguins (PENGU) Breaks Resistance, Setting New Targets as Whale Investment Sparks Meme Token Revival Speculation

A strategic whale investment of $2.47M in Pudgy Penguins [PENGU] has sparked fresh interest in this meme token, driving its price up by 15.35% at press time to $0.04062.

A strategic whale investment of $2.47 million in Pudgy Penguins (PENGU) has sparked fresh interest in the meme token, driving its price up by 15.35% at press time to $0.04062.

The whale has been accumulating PENGU tokens over eight days, and has acquired 79.9 million tokens to date. At current prices, this puts the whale’s average entry price at $0.0309. With PENGU trading at $0.04062, the whale has an unrealized profit of $835,000.

As PENGU gains traction, many will be watching to see if this bold move could mark the beginning of a broader meme token revival.

PENGU price technicals: Breaking resistance, setting new targets

PENGU has shown remarkable strength, breaking through the critical $0.0385 resistance level and aiming for $0.0699 as its next target. The steady formation of higher lows highlights growing investor confidence.

However, a clean break above $0.042 remains essential for the rally to gather more momentum.

Moreover, rising trading volumes, which have nearly doubled in the past 48 hours, indicate increased activity, further supporting the potential for sustained growth.

PENGU price relative to BTC and total crypto market cap over 30 days. Source: Santiment

PENGU social dominance: A mixed sentiment

Despite its impressive price surge, PENGU’s Social Dominance has dipped from a high of 3.17% to its press time level of 1.08%. This decline indicates a decrease in chatter about PENGU in the crypto community.

However, price rallies tend to rekindle engagement, and a decisive breakout could push social dominance back above 2%. A strong surge in price action could draw significant attention back to PENGU, reversing the current dip.

Bulls take control as shorts are liquidated

Liquidation data showed that $1.24 million in short positions were wiped out, compared to $484,000 in long liquidations. This imbalance highlights a clear dominance by bulls as bearish traders exited their positions.

However, the modest figure for long liquidations reflects a degree of caution among traders, who are hesitant to overleverage. Additionally, the dominance of short liquidations underscores growing belief in PENGU’s potential for sustained upward movement.

PENGU price technicals over 30 days. Source: TradingView

Technical signals align for further gains

PENGU’s Relative Strength Index (RSI) is 64 at press time, signaling strong upward momentum while leaving room for further growth before hitting the overbought threshold of 70.

Additionally, the MACD line, at 0.0027, is above the signal line at 0.0019, confirming a bullish trend. These indicators suggest that PENGU’s rally is gaining strength, though traders should watch for signs of exhaustion.

Market sentiment shows growing optimism

Open Interest has surged by an impressive 42.24%, reaching $236.55 million, reflecting heightened confidence in PENGU’s rally. This sharp rise showcases increased participation from both retail and institutional investors.

In turn, PENGU could attract more liquidity and support larger price movements in the days ahead.