TLDR
PENGU broke above $0.028 resistance following an inverse head-and-shoulders pattern formation, indicating potential trend reversal and bullish momentum
Trading volume surged to $430.56M (up 27.50%) with market cap reaching $1.55B, despite 27.06% weekly decline
Funding Rates remained positive at 0.0135, showing sustained trader optimism after peaking at 0.03 earlier in January
Open Interest increased 10.52% to $174.19M, suggesting traders are positioning for continued price movement
Current price at $0.02464 (up 4.58% in 24h) with potential for new ATH above $0.035 if $0.028 level holds as support
The Pudgy Penguins token (PENGU) has broken above the crucial $0.028 price level, marking a technical breakthrough that traders have been watching closely. The move comes as trading volume surged to $430.56 million, showcasing increased market participation.
Trading data shows PENGU’s price reaching $0.02464 at press time, representing a 4.58% increase over the past 24 hours. The token’s market capitalization now stands at $1.55 billion, with 63 billion tokens in circulation.
Technical analysis reveals the formation of an inverse head-and-shoulders pattern, which typically signals a potential trend reversal. This pattern developed over several trading sessions, with distinct troughs forming the left shoulder, head, and right shoulder before the breakout occurred.
The $0.028 level has been a key resistance zone that traders have monitored closely. With the recent price action, this level may now serve as support, pending a successful retest. Market participants are watching whether PENGU can maintain its position above this threshold.
Trading volume metrics show a 27.50% increase in the past 24 hours, reaching $430.56 million according to data from Coinglass. This surge in volume adds credibility to the breakout move, as higher volume often validates price action.
Pudgy Penguins Price on CoinGecko
Despite the current positive momentum, PENGU has experienced a 27.06% decline over the past seven days, highlighting the token’s price volatility. This weekly performance presents a mixed picture for traders analyzing different timeframes.
Funding rates data provides additional insight into market sentiment. The aggregated predicted funding rate stands at 0.0135, indicating a bias toward long positions. Between January 11 and January 18, these rates showed consistent growth, reaching a peak of 0.03 before finding stability above 0.01.
The sustained positive funding rates suggest ongoing optimism among traders, even as the metric experienced minor pullbacks from its recent peak. This sentiment indicator has remained resilient despite short-term price fluctuations.
Open Interest figures have also shown strength, increasing by 10.52% to reach $174.19 million. This metric suggests that traders are actively opening new positions, potentially in anticipation of further price movement.
Market participants have noted several factors potentially supporting PENGU’s price action. The token maintains a strong community presence with over 100,000 holders, and listings on major cryptocurrency exchanges provide substantial trading infrastructure.
$PENGU seems to have bottomed out.
One of the biggest memecoins in this space, with 100K+ holders and Tier-1 exchange listings.
There have also been rumours of $PENGU holders getting the Abstract airdrop.
Right now, I’m keeping an eye on the reclaim of the $0.028 level.
If… pic.twitter.com/moE2llNFzL
— Cas Abbé (@cas_abbe) January 23, 2025
Crypto analyst Cas Abbé commented on the price action, noting the importance of the $0.028 level: “If that happens, the $PENGU rally will start again, and it could hit a new ATH within a few weeks.”
The current target for bulls appears to be the previous all-time high above $0.035. However, maintaining momentum will require continued support at key price levels, particularly the recently broken $0.028 mark.
Trading volume will need to remain robust to support any continued upward movement. The current daily volume of $430.56 million provides substantial liquidity for both buyers and sellers.
Recent rumors of an Abstract airdrop for PENGU holders have contributed to market interest, though these remain unconfirmed at the time of writing.
The token’s technical indicators and market metrics will require ongoing monitoring as traders assess whether the current breakout can sustain itself and potentially lead to new price highs.
At press time, PENGU trades at $0.02464, showing a 4.58% gain over the past 24 hours, with total trading volume at $430.56 million.
The post Pudgy Penguins (PENGU) Price: Shatters $0.028 Resistance as Trading Volume Surges to $430M appeared first on Blockonomi.