Pudgy Penguins (PENGU) is gaining strong momentum after news that the UAE royal family intends to invest through Citadel Public Mining Group. The token is currently sitting on a pivotal support level, which may attract more buyers and increase its value.
At the time of writing, Pudgy Penguins is trading at $0.03002, with a daily trading volume of $599 million and a market cap of $1.87 billion. This marks a 3.65% increase over the past 24 hours.
Crypto analyst nobi shared the news that the UAE royal family is going to invest $700 million in Pudgy Penguins through Citadel Public Mining Group. This shows genuine interest from one of the world’s wealthiest nations.
Another market analyst, BillishBenter, reported that PENGU is consolidating around a crucial support level between $0.028 and $0.029. In the past, this level has acted as strong support, which could trigger buying activity.
If this support holds, Pudgy Penguins could rise to $0.0318 and possibly reach $0.0349 in the near future, showing positive momentum for the collectible token.
Also Read | PENGU Eyes $0.0325 Resistance: Will Momentum Drive a Breakout?
The PENGU derivatives market registered higher activity, with volume increasing by 19.27% to $844.03 million, driven by greater participation from investors. Open interest dipped slightly by 0.03% to $294.87 million, indicating more trades are occurring while investors remain cautious with long-term positions.
The OI Weighted of 0.0061% reflects a neutral attitude of the investors. The statistics show that neither the buy-side nor the sell-side has a clear upper hand, and the market remains in a neutral zone. The stable weighted open interest is a sign of a potential sideways movement of prices until a strong breakout in the form of volume or open interest could alter the momentum.
Also Read | Pudgy Penguins Price Holds $0.030 Support, Breakout Levels in Focus
