PENGU, the memecoin tied to the Pudgy Penguins brand, extended its recent bullish trend as the broader crypto market benefited from a weakening dollar index. Trading volume surged 11% to $453 million over 24 hours, while whale activity remained elevated, according to CryptoQuant data. The token now trades above all key exponential moving averages, approaching the $0.012 resistance level. Sustained whale demand and a $12.49 million liquidity cluster near that price may support further upside, though the resistance remains a major hurdle for buyers.
PENGU’s latest gains strengthened its short-term bullish structure. The advance pushed the altcoin closer to the $0.012 resistance, 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. Its Bollinger Bands had widened significantly, suggesting that volatility for a potentially explosive bullish move was present.
Alongside the price, market participation has also increased significantly. PENGU’s trading volume surged by 11% to $453 million over the past 24 hours, indicating stronger activity as the token approaches its resistance level. If gains are sustained at elevated levels, it could provide the liquidity needed for buyers to absorb selling pressure around $0.012.
Whale activity at press time 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.
The memecoin’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 market bulls. The unmitigated liquidity cluster worth $12.49 million around that price level could accelerate the altcoin’s bullish momentum.
