PENGU extended its recent bullish trend following gains in the broader cryptocurrency market driven by a weakening dollar index. Sustained whale activity and an increase in trading volume contributed to the altcoin's latest upward movement.
The recent price advance strengthened PENGU's short-term bullish structure, pushing the altcoin closer to the $0.012 resistance level on the daily chart. At the time of reporting, the memecoin was trading above its 20-day, 50-day, 100-day, and 200-day exponential moving averages (EMAs). Additionally, its Bollinger Bands widened significantly, indicating potential volatility.
Market Participation and Whale Activity
Market participation for PENGU increased alongside its price. Over a 24-hour period, the altcoin's trading volume surged by 11% to reach $453 million, reflecting stronger activity as the token neared its resistance level. Sustained gains at these elevated levels could provide the liquidity required for buyers to absorb selling pressure around $0.012.
Whale activity has also supported the bullish setup. Data from CryptoQuant's Spot Average Order Size indicated that PENGU whales continued to add orders around the current trading price, signaling ongoing interest from larger market participants. This sustained demand from whales could help absorb supply and improve the likelihood of a breakout above the $0.012 resistance level.
Resistance and Liquidity
With 10% daily gains, rising trading volumes, and increased whale involvement, market observers are watching the $0.012 resistance as the next major hurdle for buyers. Furthermore, an unmitigated liquidity cluster valued at $12.49 million around that price level could potentially influence the altcoin's momentum as it tests the threshold.
