Pudgy Penguins (PENGU) is reflecting a remarkable strength with a notable gain in its value, in line with the growing crypto market. On the price chart, PENGU has broken out from the descending triangle pattern, which shows a strong potential ahead.
At the time of writing, PENGU is trading at $0.03382 with a 24-hour trading volume of $822.94 million and a market capitalization of $2.12 billion. The PENGU price over the last 24 hours is up by 16.82%, and over the last week, it is also up by 18.91%.
Source: CoinMarketCap
Also Read: Pudgy Penguins Release Mobile Game, PENGU Targets $0.035
According to the crypto analyst broski, PENGU has now technically broken out of its ranging daily triangle formation after weeks of consolidation. The breakout was a clear momentum switch, and traders are coming in as price action confirmed a bullish course. Technically, configurations such as this are typically spark triggers.
The key resistance area at $0.032 has now developed into support, a reality noted by various analysts as the spark points towards a larger move.
Once the zone was breached, momentum picked up pace promptly, driving the coin in the bullish camp as volume picked up pace. The market response points to growing hopes that we are headed towards a larger upleg in PENGU.
Source: X
The next big target is at $0.04+, a level traders believe could be reached in days given the strength of the breakout. Beyond the short-term gain, all the attention now is on the all-time high (ATH) of the project. Continued momentum and sustained inflows in liquidity could put PENGU on track for one of its largest moves yet.
PENGU derivatives activity spiked as volume jumped 334.42% to a record-breaking $1.21 billion, and open interest increased 36.46% to $383.57 million. The double spike is a precursor to new money entering the markets, as traders open new positions and form expectations of higher volatility.
Source: Coinglass
However, the OI-weighted funding rate increased by a slight 0.0050%, signaling leverage remains restrained despite inflow activity. The stability suggests the market is getting hot without excessive risk-taking but giving up room for sharper moves if momentum builds up.
Source: Coinglass
Also Read: Pudgy Penguins (PENGU) Eyes $0.046 as Wallet Accumulation Fuels Momentum
