The PENGU token demonstrates significant growth, increasing by 30% over the past 24 hours. Trading volume has also surged, attracting market participants' attention.
Reasons Behind PENGU's Surge
PENGU's rise is linked to a combination of positive technical signals and news about a new ETF filing. Data from Binance and CoinMarketCap shows that both retail and institutional players have started actively purchasing PENGU.
Technical Indicators and Trends
On the daily chart, the PENGU price has broken above a resistance level, establishing a cup-and-handle pattern. Current indicators, such as RSI and MACD, reflect a bullish sentiment, while Fibonacci levels suggest potential for further increases.
Analysis of Metrics and Market Sentiment
CoinMarketCap data indicates that large holders have increased their holdings by adding 2.18 billion PENGU tokens. The trading volume for the Pudgy Penguins NFT collection has also risen by 191%, confirming growing interest in the project.
The rise in PENGU's price has been triggered by a combination of technical factors and ETF news. Investor interest may continue to drive price increases for the token.
