The cryptocurrency market has shown significant gains this week amid renewed investor confidence. Among the leading assets, the Pudgy Penguins token (PENGU) has also demonstrated double-digit growth of over 12% in the last 24 hours. Analyst Ali Martinez suggests that the PENGU token may be poised for a significant move. Several positive signals are visible on its weekly chart. In particular, a squeeze in the Bollinger Bands is observed, indicating a decrease in volatility. Such movements often occur before an increase in volatility.
Other indicators also show positive trends. The Tom DeMark Sequential indicator issued two buy signals on the weekly chart. The first signal was 9, followed by a Combo 13 signal. Martinez explained that this combination may indicate the beginning of a new bullish count. The Parabolic SAR indicator also showed bullish signs. Its points are currently below the PENGU price, suggesting a strengthening of the current trend, providing support during a potential upward spike. The SuperTrend indicator also issued a buy signal. The analyst noted that similar signals in the past were accompanied by a 1,156% increase. However, past results do not guarantee a repeat of a similar scale increase.
Currently, the PENGU token is trading at $0.00897 and is within a parallel channel. The first significant resistance level is around $0.025, and breaking this level could lead the token to $0.045, representing a potential gain of approximately 400% from the current price. However, for this to happen, PENGU needs to break and hold above the key resistance level. The growth is not limited to PENGU alone. Other memecoins have also shown strong gains. PEPE has risen by more than 25% in the last day, dogwifhat (WIF) by nearly 20%, and BONK by over 16%. The memecoin Dogecoin (DOGE) has added more than 12%, while its competitor Shiba Inu (SHIB) has shown modest growth of around 7%.
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