TLDR
- Pudgy Penguins token trades at $0.03388 following an 8.2% gain in the last 24 hours
- Smart money investors have made PENGU the most purchased memecoin over the past day
- Key resistance broken at $0.03217 after four days of testing opens path for further gains
- Traders hold $6.48 million in long positions compared to $1.35 million in shorts
- Technical analysis points to potential 20% rally toward $0.040 price level
The Pudgy Penguins token has climbed 8.2% in the past 24 hours, reaching a price of $0.03388. This rally comes as smart money investors have identified PENGU as their top memecoin purchase.
Recent data from a Solana-based crypto community shows PENGU leading all memecoins in smart investor buying activity. The token outpaced competitors including BONK, Jupiter, Moo Deng, and Useless in terms of smart money interest.
Trading volume reached $375 million over the 24-hour period. On October 5th, PENGU posted a separate gain of 4.75%, trading near the $0.0332 level during that session.
The token has also shown strength against Bitcoin, trading at 0.062724 BTC with a 6.6% gain. This performance demonstrates PENGU is outpacing the broader cryptocurrency market.
Technical Breakout Points to Upside Potential
PENGU recently broke through a critical resistance level at $0.03217. The token spent four days testing this barrier before successfully pushing above it. Chart analysis shows continued upward movement following the breakout.
Current price action places resistance at $0.03394 and support at $0.02947. The token is consolidating within this range as traders assess the next directional move.
Technical analysts indicate that a daily candle close above $0.03217 could trigger additional upside. The next major target sits at $0.040, representing a potential 20% increase from current levels.
The four-hour Supertrend indicator remains red and hovers above the price. This suggests the broader trend is still bearish despite recent gains. The Average Directional Index reads 15, below the 25 threshold that indicates strong directional momentum.
Bulls need to see PENGU hold above $0.0338 to keep the bullish scenario intact. A drop below this level would invalidate the current setup.
Trader Positioning Reveals Strong Bullish Sentiment
Exchange data from CoinGlass shows major liquidation zones at $0.03182 on the downside and $0.03442 on the upside. At these levels, traders are heavily leveraged.
Long positions total $6.48 million while short positions account for just $1.35 million. This nearly 5-to-1 ratio demonstrates strong bullish conviction among traders.
The positioning suggests market participants expect PENGU to maintain support above $0.03182. Bulls are betting the token will continue its upward trajectory rather than retest lower levels.
Weekly Chart Shows Consolidation Pattern
The weekly timeframe displays consolidation following a large green candle. Price action has produced alternating candles between the established support and resistance levels.
This consolidation pattern resembles previous phases that occurred earlier in the year. Those prior consolidation periods preceded stronger price movements, which observers are noting when analyzing the current structure.
Volume activity has concentrated around recent price levels, indicating heightened market participation. The weekly pattern is drawing attention as a potential bullish engulfing formation.
Such technical structures typically develop after accumulation phases when buyers prepare to push prices higher. The combination of tight consolidation, defined support levels, and increasing smart money interest provides the framework traders are monitoring.
PENGU’s international marketing efforts have increased visibility for the project. Combined with the technical setup and smart money accumulation, market participants are watching for either continued consolidation or a breakout expansion beyond the current range.
