PENGU extended its recent bullish trend after the larger crypto market profited from the weakening dollar index. The altcoin’s sustained whale activity and hike in trading volume contributed to its recent gains.
With PENGU trading above all key EMAs, could the memecoin’s buyers provide the required momentum to challenge the resistance level?
PENGU extends its bullish momentum
PENGU’s latest gains strengthened its short-term bullish structure. On the daily chart, the advance pushed the altcoin closer to the $0.012 resistance. This is a level which now represents the next major hurdle for buyers.
At the time of writing, the memecoin was trading above the 20-day, 50-day, 100-day and 200-day key EMAs. Besides, its Bollinger Bands seemed to have widened significantly. This suggested that the volatility for a potentially explosive bullish move was present.
What about PENGU’s trading volume?
Alongside the price, the memecoin’s market participation has also increased significantly.
In fact, PENGU’s trading volume has surged by 11% to $453 million over the past 24 hours, indicating stronger activity as the token approaches its resistance level.
If the gains are sustained at elevated levels, it could provide the liquidity needed for buyers to absorb the selling pressure around $0.012.
Are whales continuing to add orders?
At press time, PENGU’s whale activity seemed to be supporting the bullish setup.
According to CryptoQuant’s Spot Average Order Size data, PENGU whales have been bagging in more orders around its trading price. This may be evidence that larger market participants remain interested in the altcoin.
Sustained whale demand could help absorb supply and improve the chances of a breakout above the $0.012-resistance level.
Can PENGU break past $0.0112?
PENGU’s 10% daily gains, hike in trading volumes, and greater whale involvement create a favorable environment for more upside.
The $0.012-resistance stands out as the next target for the market bulls. The unmitigated liquidity cluster worth $12.49 million around the price level could accelerate the altcoin’s bullish momentum.
Final Summary
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PENGU maintained its bullish trend after trading volume rose by 11% to $453 million.
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Whale accumulation and the price being above key EMAs may strengthen the case for a potential breakout above $0.012.