The PENGU token saw a significant 14% price increase to $0.007876 in 24 hours, accompanied by a 112% surge in trading volume to $210.6 million. Market analysts note a double-bottom reversal pattern forming near $0.005861, with price now challenging the key $0.0080 resistance level as bullish momentum builds.
The cryptocurrency PENGU surged 14% to $0.007876 while its 24-hour trading volume exploded 112% to $210.6 million. This aggressive market participation indicates buyers stepped in decisively after a period of prolonged weakness.
A well-defined double bottom formed near $0.005861, triggering a powerful recovery leg that reshaped the short-term structure. Following the rebound, the price reclaimed the 20-day Exponential Moving Average around $0.006969, signaling trend repair.
The Relative Strength Index was at 73.49, confirming strong bullish momentum alongside expanding volatility. Persistent readings above 70 often accompany breakout phases rather than immediate reversals, according to technical analysis.
Simultaneously, spot netflow data showed a -$106.49K print, indicating tokens were exiting exchanges. This reduction in immediately tradable supply often reflects holding behavior rather than distribution among investors.
Furthermore, Binance top trader positioning showed 56.06% in longs versus 43.94% shorts, producing a Long/Short Ratio of 1.28. This growing long dominance signals rising confidence among high-volume market participants.
Buyers currently control the short-term structure and maintain pressure beneath a key resistance zone. Market conditions presently lean constructive, with the $0.007275 level having flipped into support during the recent advance.
A decisive break above $0.0080 would likely trigger momentum extension toward $0.0090. Conversely, hesitation near this resistance could invite consolidation around reclaimed support before any continuation develops.
