- Pudgy Penguins showed strong upward momentum across timeframes.
- PENGU climbed 142% in 30 days, reflecting firm demand and buyer dominance.
Pudgy Penguins [PENGU] has posted a 142.2% gain on the monthly chart, with bullish momentum spilling into weekly and daily timeframes.
As such, the memecoin jumped 23% over the past seven days.
Over the past day, PENGU has surged from $0.010 to $0.012, marking a 19% gain on daily charts. At press time, it retraced to $0.01175, an 11.08% rise.
Volume also spiked 125%, hitting $250.8 million, while Open Interest climbed 12.7% to $77.95 million. That combination of price, volume, and Open Interest typically signals strong directional conviction.
Thus, investors are buying the memecoin and taking strategic positions, awaiting the next move.
With these conditions, it seems the memecoin is positioning for a sustained reversal to the uptrend. Could PENGU continue with the rise to breach the $0.014 resistance level?
Can PENGU maintain its recent gains?
According to AMBCrypto’s analysis, the Pudgy Penguins token is experiencing higher buying pressure as market sentiment remains bullish.
For starters, looking at the memecoin’s Spot Netflow, it has held within the negative territory since the 28th of April, as it sat at -$1.15 million.
A negative spot netflow for a sustained period of time reflects strong accumulation, with buying hands prevailing in the market.
Thus, PENGU is recording more exchange withdrawals than inflows, signaling bullish sentiment and confidence in the market.
Source: CoinGlass
Moreover, Funding Rates have flipped positive after briefly dipping into negative territory the day prior.
This shift implies that traders are paying to maintain long positions, reflecting expectations of further price appreciation.
Source: Santiment
Positive Weighted Sentiment further confirmed this market bullishness.
When the Pudgy Penguins memecoin retraced, its Weighted Sentiment turned negative. It has since rebounded, suggesting that traders remain broadly optimistic.
Often, positive sentiments encourage investors to enter the market, thus rising demand results in higher prices.
Source: Santiment
What’s next for Pudgy Penguins?
Simply put, PENGU is experiencing favorable market conditions that position the memecoin for more gains on its price charts.
With investors exhibiting bullish sentiments while buying pressure is dominant in the market, we could see the memecoin make a major move.
A move to the upside from here will see the memecoin reclaim $0.013, which will strengthen it to challenge $0.014, where it has faced multiple rejections.
However, if buyers get exhausted after a month-long market dominance, we will see a pullback to $0.0103.