news 
Pudgy Penguins surges 142% in a month – Will PENGU’s momentum hold?
In the past thirty days, Pudgy Penguins [PENGU] has demonstrated exceptional price growth, surging an astonishing 142.2%. This impressive performance has raised questions about the token’s potential for further gains and whether it can sustain its upward trajectory.
Over the past seven days alone, PENGU has gained a remarkable 23%, with daily charts reflecting a 19% increase from $0.010 to $0.012. As of the time of writing, the memecoin had retreated slightly to $0.01175, marking an 11.08% rise.
In addition to this significant price action, key metrics such as volume and Open Interest have also seen substantial increases. Volume has skyrocketed by a whopping 125%, reaching $250.8 million, while Open Interest climbed 12.7% to $77.95 million. This combination of factors typically signifies strong directional conviction from investors, suggesting that they are heavily buying the memecoin and positioning themselves for potential future gains.
It is now plausible that PENGU could continue its ascent and breach the $0.014 resistance level, which it has consistently struggled with in recent times. However, there is always a risk of a pullback to $0.0103 should market sentiment shift and buying pressure subside.
In the current market conditions, it appears as though Pudgy Penguins is poised for further growth. Market sentiment remains decidedly bullish, as evident from Spot Netflow data that has remained in negative territory since April 28th, indicating sustained accumulation and a prevailing sense of optimism among investors. This suggests that buying pressure continues to dominate the market.
The Funding Rates have also shifted back into positive territory after briefly dipping below zero earlier, implying that traders are willing to pay for the opportunity to maintain long positions. This further reinforces the notion that Pudgy Penguins will continue on its upward trajectory.
The Weighted Sentiment metric has also turned positive following a brief dip in negative territory, indicating that investors have become increasingly optimistic about the memecoin’s prospects. This heightened sense of confidence among investors is likely to result in increased demand and subsequently higher prices for PENGU.
In conclusion, it appears as though Pudgy Penguins’ impressive price action is not merely an anomaly but rather a reflection of prevailing market conditions that favor further growth.
Source: https://ambcrypto.com/pudgy-penguins-surges-142-in-a-month-will-pengus-momentum-hold/
