The Pudgy Penguins token, known as PENGU, is showing significant growth, reaching new highs due to supportive factors and growing investor interest.
PENGU's Market Success
According to crypto.news, on June 30, the PENGU token reached a high of $0.0154, the highest level since May 15. The token has risen nearly 80% from its seven-day low and more than 300% from its year-to-date bottom.
Institutional Support and New Listings
The recent rally of PENGU began after the Chicago Board Options Exchange (CBOE) filed a Form 19b-4 with the SEC on June 26, seeking approval to list and trade the Canary PENGU ETF, which would include both PENGU and Pudgy Penguins NFTs. Additionally, on June 27, the Revolut platform listed PENGU to over 50 million users in Europe, providing the token with further momentum.
Technical Analysis and Growth Predictions
From a technical standpoint, PENGU recently broke out above the upper boundary of a multi-week descending channel, signaling the end of its previous corrective phase. Key indicators support further growth conditions. The next key resistance is at $0.0175, which could open the path to $0.023 should the level be breached.
The growth of PENGU is driven by positive market conditions, institutional support, and technical signals, placing the token in a favorable position for further development.
