PENGU Jumps 24.6% as Bitcoin Tops $103K
Key Takeaways
- The memecoin PENGU surged by 24.6% on May 8 throughout the day.
- The price rally followed a 6.2% increase in Bitcoin, pushing it above USD 103,000.
- Technical indicators point to short-term bullish momentum.
- However, resistance at USD 0.0141 could pose a challenge.
Strong Price Movement Following Bitcoin Rally
On May 8, the crypto market showed significant upward momentum. Bitcoin (BTC) rose by 6.2%, reaching a price of USD 103,100. This development boosted overall market sentiment. Particularly notable: the memecoin Pudgy Penguins (PENGU) benefited significantly, climbing 24.6% during the day. As a result, PENGU was able to recover all losses from the past ten days.
Technical Indicators Confirm Uptrend
Technical analysis paints a clear picture. The Chaikin Money Flow (CMF) once again crossed the +0.05 mark — a sign of increased buying pressure. The Relative Strength Index (RSI) also rose above 70, indicating strong bullish momentum. Trading volume remained consistently high over the past two weeks, further highlighting market activity.
However, a closing price above USD 0.0127 could trigger a bearish divergence in the RSI. This would suggest potential weakness, though it does not guarantee an immediate price drop.
Market Data Suggests Speculative Interest
Data from Coinalyze confirms the short-term positive trend. Open Interest — the number of open futures contracts — increased alongside the price, suggesting growing speculation. At the same time, the funding rate remained mixed. This indicates that some traders are trying to catch the top and are entering short positions.
This development shows that despite the upswing, the market remains cautious. Sentiment is bullish, but not overheated.
Resistance at USD 0.0141 in Focus
The next critical level is USD 0.0141. This marks a local resistance, which PENGU last tested on April 28. If the price approaches this level again, profit-taking or a short-term correction could occur. Traders should monitor this area closely.
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Bitcoin’s Influence Not to Be Underestimated
PENGU’s price movement is closely tied to the overall crypto market — particularly Bitcoin. If BTC loses momentum again or becomes highly volatile, this could put pressure on PENGU as well. Conversely, another BTC rally could lift PENGU above the USD 0.0141 resistance.
Our Assessment
PENGU is currently showing a solid recovery with clear bullish signals. High trading volume, rising open interest, and positive technical indicators point to further upside potential. However, the potential RSI divergence calls for caution. The area around USD 0.0141 remains crucial. Investors and traders in PENGU should keep a close eye on this resistance level and consider broader market reactions — especially those of Bitcoin.
Sources
- TradingView
- Coinalyze
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