news 
PENGU’s 50% Price Rally – How Whale Buys, ETF Updates Are Fueling Recovery
In a remarkable turnaround of events, the Pudgy Penguins token (PENGU) has seen a substantial 48.6% increase in value over the past five days. The sudden surge is largely attributed to whale buys and updates on the Canary PENGU ETF.
The market’s sentiment had initially been bearish, with negative weighted sentiment, negative funding rates, and positive exchange netflows signaling bearish expectations. However, the recent developments have seemingly flipped this script.
In the past seven days alone, NFT sales have seen a 47% weekly increase, with a transaction volume of $1.498 million. The whale buys, which included a massive 200 million PENGU purchase worth $2.4 million, have further fueled the bullish sentiments.
A look at the price action reveals that the local high at $0.01 and $0.011 was breached in just two days, resulting in a swift move higher on significant volume. This breakout has left behind a fair value gap (FVG), which could potentially lead to retesting of this imbalance before continuing its upward trend.
Swing traders may now consider going long after the FVG is retested, as it could provide an opportunity for further price growth. The On Balance Volume (OBV) indicator has also made a new high, indicating heavy buying pressure in recent days. The Capital Flow Index’s (CMF) reading of +0.1 suggests considerable capital inflows into the PENGU token market.
The two-week liquidation heatmap shows that the $0.0122-$0.013 region is replete with long liquidations, forming a powerful support zone. This area has aligned well with the previously mentioned FVG, suggesting that traders could anticipate a bullish reaction from this level.
While an obstacle in the form of $0.0156 may potentially halt PENGU’s upward momentum, it does not seem likely to hinder the token’s progress at press time, given the remarkable demand and daily chart momentum.
It is essential for traders to monitor these developments closely as they unfold.
Akashnath S is a Senior Journalist at AMBCrypto.
Source: ambcrypto.com
