Recent analysis of PENGU shows the potential for its rise to $0.012 amid positive technical indicators and a new ETF proposal.
Technical Analysis of PENGU
The TD Sequential indicator on PENGU's daily chart flipped to a buy signal, indicating the end of a corrective phase. This formation follows a completed nine-sequence countdown and transitions into a green setup, which often signals renewed upside potential. Market participants track this pattern as it coincides with easing selling pressure and the emergence of buyers at support levels.
ETF Proposal and Its Implications
On June 25, Canary Capital submitted a Form 19b-4 proposal to the CBOE for a PENGU ETF. The filing outlines a fund structure allocating the majority of its assets to PENGU tokens, with a secondary allocation to select non-fungible tokens for regulated exposure to both cryptocurrency and NFT assets. If approved, the PENGU ETF would offer investors a risk-managed conduit to memecoin markets and could unlock new institutional capital.
Intraday Trading Dynamics
Intraday analysis on the 4-hour Binance chart shows PENGU generated a TD Sequential nine signal at the 78.6% Fibonacci retracement level of the prior high of $0.0100. The token retraced to the 61.8% level near $0.00778 before rebounding, indicating the downtrend may have exhausted itself. Over the past 24 hours, PENGU formed a sequence of higher lows and higher highs, supported above its 50-bar moving average.
Under current conditions, PENGU shows potential for growth amidst positive technological signals and a number of new initiatives that may strengthen its market position.
