Pudgy Penguins (PENGU) token continues to rise confidently, reaching its highest price since late January. Recent events and technical analysis support the ongoing bullish trend.
PENGU Token Dynamics
PENGU surged over 23% in one day, reaching $0.0177, its highest level since January 29. Over the past month, the token has increased more than 125%, and approximately 370% from its year-to-date low. This growth has allowed PENGU to rank 89th among the top 100 cryptoassets by market capitalization, reclaiming the $1 billion milestone.
Support from the SEC and ETF Approval
The success of PENGU was bolstered by news that the U.S. Securities and Exchange Commission has formally acknowledged the filing for a proposed ETF linked to PENGU. The ETF will allocate 80–95% of its assets to PENGU tokens and 5–15% to Pudgy Penguins NFTs, providing comprehensive exposure to the underlying ecosystem.
Technical Aspects of the Growth
Technical analysis indicates that PENGU has formed a cup and handle pattern, which often heralds a bullish trend. The token hit a low of $0.0037 in March, rebounding to $0.0175, forming a rounded base followed by a brief consolidation phase. The underlying structure suggests a potential rise to $0.0318; however, a drop below the support level of $0.0142 could diminish the likelihood of the predicted upward movement.
The PENGU token exhibits steady growth with positive signals from both market interest and technical analysis. Investors remain cautious regarding these aspects that may influence future price movements.
