What to know:
- Whale 0x10Ea opens a $1.38M 3× long position on PENGU, signaling potential short-term price gains.
- PENGU’s price climbs to 0.00748, reclaiming the 20-day EMA amid ongoing resistance at the 50-day EMA.
- MACD crossover with green histogram bars reflects gradually increasing bullish momentum.
A whale trader identified as 0x10Ea has opened a notable leveraged position on the PENGU token, attracting attention across the crypto market.
As per the Lookonchain data, the trader placed a 3× long on 183 million PENGU, worth about $1.38 million, within the past 10 hours, signaling expectations of a potential short-term price increase.
Source: Lookonchain’s X Post
A 3× long position means the trader is using borrowed funds to increase exposure, which can multiply both profits and losses.
Large leveraged trades like this are closely watched because they can influence sentiment and volatility. If the market moves against the position, liquidation risk could rise, potentially causing sudden price swings in PENGU.
Also Read: Pudgy Penguins Holds $0.007 Support as Momentum Builds
PENGU Technicals Show a Range-Bound Movement
Following this onchain investment, PENGU is in a crucial recovery phase on the daily chart. According to TradingView, the price has fallen as low as 0.0057 before bouncing back to 0.00748, retracing the 20-day EMA at 0.00725.
However, the price is still facing resistance at the 50-day EMA at 0.00766. The overall trend remains bearish, with the long-term averages still significantly above the current price action.
Source: TradingView
Volatility is increasing as the Bollinger Bands are closing in on the current candle. The upper band at 0.00786 is the current hurdle that the price must overcome if the bulls are to push the price towards the 100-day EMA at 0.00952.
Conversely, the Lower Band at 0.00638 is the price’s safety net. A breakout from this range is expected to determine the price’s direction in the coming weeks.
Momentum Indicators Point to a Gradual Recovery
The MACD level for the Pudgy Penguins is also reflecting increased bullish momentum as the MACD line is barely above the signal line.
This is further supported by the presence of green-colored histogram bars, which are considered to be bullish in nature. Even though the trend is upward, the bars are relatively flat, which could be considered cautious buying activity.
Source: TradingView
Currently, the RSI indicator is at 54.09, indicating that the asset is in a neutral mood, but it’s becoming slightly bullish.
There’s still space left before the 70 overbought mark, and that’s giving the asset the room it needs to rise even higher. It’s an indicator of steady growth, as the asset is rising without experiencing exhaustion.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: PENGU Climbs 10% Weekly Despite Falling Volume, Eyes $0.015 Targets
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