Pudgy Penguins (PENGU) Whales Accumulate $3.05M Worth of Tokens, Signaling Growing Confidence

The recent withdrawal of $3.05 million worth of Pudgy Penguins (PENGU) from Binance can be seen as a sign of significant accumulation by whales.

Pudgy Penguins (PENGU) recently experienced a massive withdrawal of $3.05 million from Binance. This significant accumulation by "whales" is a key indicator in the cryptocurrency market.

As per data from Solscan, a large sum of PENGU tokens, valued at $3.05 million, was moved out of Binance. Another major transfer of PENGU was observed from Bybit. These bulk movements can be pivotal in understanding the market pulse.

Usually, large-scale accumulation of particular tokens by whales is closely followed by price surges. This is because whales have the capacity to sway market sentiment and influence the direction of an asset's price.

By consolidating vast amounts of PENGU, these whales can influence supply dynamics. This, in turn, contributes to upward price pressure. As more whales engage, the perceived value and demand for PENGU may rise, setting the stage for a bullish outlook for its near-term market performance.

This strategic accumulation marks a crucial point in the market, one that could lead to enhanced valuation of Pudgy Penguins.

PENGU performance and prediction now

Examining its press time performance, PENGU showed an increase of over 3% in the last 24 hours, while its daily volume decreased by over 5%.

A glance at PENGU's price chart reveals resilience, as the altcoin entered the market strongly, peaking sharply at $0.07017 before a significant pullback. It then established a solid base at $0.035, where it mostly fluctuated before starting a slow climb, indicating a consolidation phase that may lay the foundation for future rallies.

The RSI climbed above the midpoint, signaling growing buyer interest. The MACD backed this bullish outlook, displaying a crossover that pointed to potential ongoing upward trends.

At press time, PENGU was hovering near a crucial support level at $0.035487. If this level fails, the price might drop towards the first target point at $0.043 and possibly, the second at $0.070. This suggested PENGU had rebounded from its initial volatility. It could even exceed its original market cap.

However, if the support remains intact, a rebound above the $0.036921 resistance is plausible for Pudgy Penguins. This could fuel a 98% rally past the ATH.

PENGU's liquidation heatmap also showed a concentration of leveraged positions vulnerable to liquidations at $0.038. These positions indicate that around 697.60K PENGU may be at risk if the price dips slightly below this level.

If PENGU breaches this support, a sharp decline could trigger further sell-offs due to cascading liquidations, adding downward pressure on the price.

Conversely, sustaining above this level could stabilize PENGU's market and act as a foundation for future gains, suggesting a potential rebound if buy support solidifies.

This delicate balance highlights the pivotal role of liquidation thresholds in influencing short-term price movements and market sentiment for leveraged assets.