PENGU Surges to $0.035 as Korean Whales Accumulate — Pullback Forward?
PENGU, the utility token of Pudgy Penguins NFT, caught the eye of crypto traders as its value doubled since final week, at present buying and selling at $0.031. Whereas the rally aligns with broader market momentum, Pengu has showcased a basic memecoin trait of providing outsized short-term returns. Notably, on-chain knowledge highlights a powerful accumulation pattern from Korean traders, reinforcing the present restoration for a better push.
Korean Whale Accumulation Provides Gasoline to PENGU Value Rally
Over the previous week, the bingo value reveals a excessive momentum rally from $0.014 to a current excessive of $0.035, accounting for a 143% acquire. This bullish restoration seemingly adopted broader market momentum, fueled by rising investor optimism for U.S. Crypto Week, throughout which the Home of Representatives voted on three key crypto payments.
Together with basic market sentiment, the on-chain knowledge spotlight aggressive accumulation of this memecoin from Korean traders. Based on the blockchain tracker Lookonchain, three wallets from Korean exchanges, Bithumb and Upbit, gathered 945 million PENGU( price roughly 32 million) up to now week.
Presently, these three wallets maintain 2.92 billion PENGU (price round 96.73 million), accounting for 3.8% of the whole provide.
Such heavy accumulation usually signifies whale-level confidence in an asset’s potential development and likewise reduces the out there token provide available in the market.
Key Help To Watch If Pudgy Penguins Enters Correction
The every day chart evaluation of PENGU value reveals the completion of a standard reversal sample known as Cup and Deal with. Usually, the chart sample gives a multi-fold goal of the space between the sample’s backside assist to the neckline, that are stacked one after one other.
Nonetheless, with an intraday lack of 3.4%, the memecoin reveals a pointy rejection from the $0.035 mark to at present commerce at $0.0312. The reversal hints at revenue reserving from short-term traders, because the momentum indicator RSI additionally bounced to the overbought area above at 83%.
Thus, the coin value is prone to witness a short-term correction to close by assist, corresponding to $0.0273 or $0.025, to recuperate the exhausted bullish momentum.
With the broader pattern bullish, the anticipated reversal might supply a buy-the-dip alternative for sideline consumers.
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