- Whale accumulation and bullish technicals hint at a potential PENGU breakout if resistance at $0.015 is breached.
- However, cautious sentiment and high short positions mean volatility could swing price sharply in either direction.
Despite recent dips in Pudgy Penguins [PENGU] price, sharp-eyed traders may want to keep their gaze fixed on this playful meme token—because the signals suggest something big could be brewing.
At press time, PENGU was trading at $0.01373, down 1.90% in 24 hours. But beneath the surface, whales are making bold moves. One prominent investor scooped up 148.12 million PENGU tokens—worth $2.25 million—bringing their total holdings to over 509 million. This kind of accumulation, particularly in a volatile market, often hints at longer-term confidence.
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Yet, sentiment remains cautious. PENGU’s Weighted Sentiment has plunged to 0.3427 from highs of 6.87, suggesting traders are waiting for a clearer breakout signal. Funding rates, while positive at 0.005%, also indicate only a modest preference for long positions, reinforcing the market’s cautious optimism.
Technical indicators are more bullish. The MACD shows upward momentum, and price action has tested the upper Bollinger Band. If PENGU can break past resistance and hold above $0.015, traders could see a breakout rally unfold.
Adding fuel to this potential surge is the liquidation heatmap. Key levels at $0.0145 and $0.015 show heavy liquidation clustering—perfect territory for a short squeeze. With over 53% of current positions short, even a small upward move could trigger a cascade of liquidations, driving price higher fast.
However, the risks remain real. A failure to hold these support zones could intensify downward pressure. Market sentiment must shift convincingly bullish for a sustained move.
In summary, PENGU sits at a technical and psychological crossroads. Whale confidence, strong technicals, and bearish positioning may combine to ignite a breakout—but only if key levels hold and sentiment catches up.