\n\t\t\t\t\t\t\t\t\t\u201cThis PENGU setup looks like a textbook reversal in the making,\u201d one analyst argued.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Many leading cryptocurrencies, including Bitcoin (BTC), Dogecoin (DOGE), Hyperliquid (HYPE), and others, have seen minor increases over the past week.<\/p>\n
However, their gains appear negligible to the double-digit pump that Pudgy Penguins (PENGU) experienced during that timeframe. While many market observers envision further upside for the meme coin, certain technical indicators signal that a short-term cooldown could be next.<\/p>\n
New ATH on the Way?<\/h2>\n
As of this writing, PENGU trades at around $0.009, up 35% over the last week, while its market capitalization has risen to nearly $700 million. Thus, the meme coin has become the 74th-biggest cryptocurrency.<\/p>\n
The impressive performance has caught the eye of numerous analysts, many of whom see the recent resurgence as a trampoline for an upcoming bull run. X user KALEO claimed<\/a> PENGU\u2019s rally shouldn\u2019t come as a surprise, expecting to see a pump towards a new all-time high.<\/p>\n Sjuul | AltCryptoGems also chipped in, suggesting<\/a> that as long as the price holds above the key zone at around $0.008, \u201cwe should be good to go.\u201d<\/p>\n \u201cThe level has been resistance for a long time, so now it should become a strong support,\u201d he added.<\/p>\n<\/blockquote>\n Whale Factor and Altcoin Sherpa gave their two cents as well. The former described<\/a> PENGU\u2019s setup as \u201ca textbook reversal in the making,\u201d estimating that Fibonacci levels signal a move toward $0.015 and then $0.02. Altcoin Sherpa\u00a0revealed<\/a> having exposure to PENGU, saying, \u201cThis is starting to look more and more like a potential active trade.\u201d<\/p>\n Traders eyeing the penguin-themed meme coin should keep a close eye on key market metrics, as the risk of a short-term pullback appears just as visible as the potential for further gains.<\/p>\n The token\u2019s Relative Strength Index (RSI) is an evident example of that. Recently, the ratio surged to 70, meaning that PENGU has entered overbought territory and could be due for a correction. The technical analysis tool measures the speed and magnitude of recent price changes and runs from 0 to 100. Conversely, anything below 30 suggests that the coin is oversold and could be interpreted as a buying opportunity.<\/p>\n People should also keep in mind that PENGU is a meme coin, and tokens part of that niche are notorious for their volatility. Last but not least, one must be aware that the top 10 holders control roughly 50% of the asset\u2019s circulating supply. Such a high concentration makes PENGU vulnerable to sudden price swings, as these players can manipulate performance through their actions.<\/p>\n \u00a0<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\n\n
The Warning Signs<\/h2>\n
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