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Title: After BNB will this Altcoin Hit a New ATH Next?
After witnessing Binance Coin (BNB) hit a new all-time high, the cryptocurrency market is now eagerly waiting to see which altcoin will be the next to achieve such an impressive milestone. Among many promising projects, one stands out as particularly interesting – Pengu.
Pengu, the Solana-based meme coin, has been making waves in the crypto space with its astonishing 19.26% daily surge and a staggering 38% jump over the past week. As of now, it is trading at $0.04448. What’s driving this incredible growth? And more importantly, can Pengu continue its upward trend to reach a new all-time high?
Factors Fueling Pengu’s Rally
Pengu’s sudden surge can be attributed to several bullish forces aligning in its favor. Firstly, the token has gained over 868,000 holders, which demonstrates remarkable community support and growth potential.
Secondly, Binance recently removed the “Seed Tag” from Pengu, a move that has boosted investor confidence, especially among institutional players and large funds.
Lastly, there is a growing sentiment that Pengu might be on its way to achieve a new all-time high. Join me as I delve into the world of Pengu price analysis for the short term.
Pengu Price Analysis
At present, Pengu’s current price sits at $0.04448, which is merely 21.95% below its all-time high of $0.05738. This development follows a brief touch of an intraday high of $0.046.
As we examine the market capitalization, it now stands at $2.77 billion, placing Pengu among the most prominent meme coins alongside Bonk.
A notable 33.76% increase in trading volume over the past day further underscores the growing interest and momentum building around this altcoin.
With robust support between $0.036 and $0.042, we can now consider this range as a critical zone for buyers to take control. A potential breakout above $0.046 could pave the way for Pengu to test its all-time high, with an upside potential towards $0.055-$0.057 if momentum holds.
In essence, should volume continue to grow and SOL remain strong, we might see Pengu eyeing a retest of its ATH at $0.05738. However, any dip below the psychological level of $0.038 would render the short-term bullish outlook invalid.
Final Thoughts
It seems that Pengu has become an overnight sensation due to its impressive daily and weekly gains. The factors driving this growth are unmistakable: community support, institutional investment, and the positive sentiment surrounding a potential new ATH.
Source: coinpedia.org
