- PENGU’s price surge follows news of a potential ETF, pushing it above key Ichimoku Cloud levels.
- RSI momentum is climbing but remains below overbought territory, leaving room for further gains.
- If resistance at $0.0093 breaks, PENGU could test $0.011, but a drop below $0.0062 may signal a downtrend.
PENGU‘s recent surge has traders on edge, watching closely to see if the rally has more fuel left in the tank. Despite the sharp upward move, indicators suggest there could still be more room for growth before the market reaches overbought territory. The question now: Can PENGU maintain its momentum and break through crucial resistance levels in the coming days?
PENGU Indicators Flash Bullish Signals
The once-dominant Solana meme coin, PENGU, has seen a dramatic price increase following Canary’s announcement of a PENGU ETF filing. The news sent shockwaves through the market, triggering a breakout above critical Ichimoku Cloud levels.
At present, PENGU’s price has climbed above both the Tenkan-sen and Kijun-sen lines, blasting through the Ichimoku Cloud—a classic bullish reversal signal. This breakout candle is no fluke; it’s backed by increased buying volume as traders react to the ETF filing.
With the forward-looking Ichimoku Cloud turning green, the setup appears to favor the bulls.
RSI Points to Growing Momentum
PENGU’s RSI (Relative Strength Index) has surged from 44.86 to 62 in just a few hours, a clear indicator of rising bullish momentum.
For those unfamiliar, the RSI measures price momentum and helps traders determine whether an asset is overbought or oversold. Generally, a reading above 70 suggests overbought conditions, while below 30 indicates oversold territory.
As of now, PENGU’s RSI remains in bullish territory but is still shy of the 70 threshold. Interestingly, the RSI hasn’t crossed above 70 since January 5—meaning while there’s considerable momentum, it hasn’t yet reached unsustainable levels. This leaves room for further upside before hitting extreme conditions.
Can PENGU Break the $0.010 Barrier?
If the ETF announcement continues to fuel optimism, PENGU could push toward the next major resistance level at $0.0093. A successful breakout above that zone could pave the way for a test of $0.011, marking the first time in over a month that PENGU trades above $0.010. Such a move would confirm a stronger bullish recovery and put the meme coin back in contention among Solana’s top-performing assets.
However, the market remains volatile. If buying pressure fades and the ETF news fails to sustain long-term momentum, PENGU could face a pullback. In that scenario, support at $0.0062 will be crucial. A drop below that level could see PENGU retrace to $0.0057 or even $0.0050, wiping out recent gains.
For now, all eyes are on PENGU’s price action. Can it sustain the bullish charge, or will sellers step in and take control? The next few sessions could be decisive.
