Pudgy Penguins (PENGU) is in the spotlight following an ETF application. Interest in the asset is bolstered by high trading volumes and new listings on Robinhood.
ETF Filing Draws Attention
Pudgy Penguins (PENGU) is drawing renewed attention after revived interest in its ETF application. The filing, backed by the Chicago Board Options Exchange (CBOE), is currently under review by the US SEC. As the process unfolds, traders are closely watching what comes next. Market analyst Ali Martinez pointed out that PENGU is trading in a formation often seen before a strong upward move. He said the price action shows that the asset is 'building up pressure' as many are now watching for a breakout.
PENGU Price Action and Key Levels
At press time, PENGU traded at $0.038, showing little change in the past 24 hours but up 8% over the last week. The 24-hour volume has remained strong, with over $600 million in trading. On the chart, PENGU is holding above the $0.035 level which is seen as short-term support. According to Martinez, the next resistance is around $0.038. If that level is cleared, further moves toward $0.045, $0.055, and possibly $0.075 are being discussed.
Adoption and Platform Expansion
Additionally, Route 2 FI mentioned taking a position in PENGU due to its wide appeal and increasing presence. He called it a 'serious Dogecoin rival' with a strong team and community support. He also mentioned its role in connecting the Ethereum and Solana networks. Recently, Robinhood added PENGU to its advanced trading platform. This update allows U.S. users to trade PENGU using expanded charting and tools.
PENGU continues to gain attention from investors and traders due to its growing market standing. The ETF filing and price action analysis point to a potential breakout that could change the asset's prospects.
