Key Takeaways:
- PENGU gained 48% in five days amid ETF news and whale activity.
- Strong NFT sales and bullish indicators suggest momentum is likely to continue.
- $0.0122–$0.013 zone could offer a buying opportunity during any pullback.
The Pudgy Penguins [PENGU] token has surged by an impressive 48.6% since hitting a low of $0.0095 on June 25. This sharp rally comes on the heels of the Canary PENGU ETF filing, signaling a growing institutional interest in the NFT-linked token. But amid euphoric gains, questions emerge — could a pullback be on the horizon?
Whale Buys and ETF Hype Fuel the Rally
The ETF filing acted as a catalyst for bullish sentiment, but on-chain data provided further confirmation. According to CryptoSlam, NFT sales for Pudgy Penguins climbed to $1.498 million in the last seven days — a 47% increase. The number of transactions rose 41% to 65.
More notably, whales snapped up 200 million PENGU tokens (worth approximately $2.4 million) in just 24 hours, reinforcing the bullish narrative. These large buys indicate growing confidence among high-stake investors, likely anticipating price appreciation from the ETF-driven hype.
Technical Indicators Support Bullish Continuation
Technical analysis of PENGU’s 1-day chart reveals a clear breakout past resistance levels at $0.01 and $0.011, validated by high trading volume. The breakout also left a fair value gap (FVG), suggesting a potential pullback zone for swing traders looking for a high-probability long entry.
The On-Balance Volume (OBV) hit a new high, confirming heavy accumulation. Meanwhile, the Chaikin Money Flow (CMF) posted a solid +0.1 reading, and the Money Flow Index (MFI) crossed 50 and was heading towards 80 — both pointing to strong capital inflows and momentum.
Liquidation Heatmap Highlights Key Levels
Data from Coinglass revealed a liquidation hotspot between $0.0122 and $0.013, aligning with the fair value gap. This makes the region a likely support zone, where traders may look for bullish bounces. On the upside, resistance near $0.0156 could serve as the next key level to watch.
Also Read: PENGU ETF Buzz Triggers 22% Surge—But Futures Data Warns of Pullback
Given the recent demand surge and market momentum, a consolidation or pullback could serve more as a healthy retest than a trend reversal.
Despite the possibility of a short-term retrace toward the $0.0122 support, PENGU remains in strong bullish territory. With ETF speculation, whale interest, and surging NFT sales, the token appears poised for further gains — especially if key support levels hold.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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