Pudgy Penguins (PENGU) has seen a 22% surge when the Chicago Board Options Exchange (CBOE) filed for the first ETF combining meme and Non-Fungible Token. This growth was not only reflected in price but also supported by a 287% spike in trading volume, showing strong investor attraction. However, the big question is whether this trend is sustainable, especially when $0.012 becomes the key resistance level that needs to be overcome to confirm the next price increase.
PENGU and ETF Information: The Beginning of a Breakthrough
The Form 19b-4 filing that CBOE submitted to the SEC opened a new chapter for PENGU. The ETF they are considering plans to allocate 80-95% of assets into PENGU and 5-15% into Pudgy Penguins' Non-Fungible Tokens. This marks the first time a managed fund combines a meme coin with Non-Fungible Tokens.
The possibility of the ETF being approved will create a new wave in the market, stimulating investors to continue seeking opportunities in this field. The significant investment in PENGU shows confidence in the project's growth potential.
Is ETF the Winning Path?
Although ETF news typically creates short-term price surges, danger still lurks if derivative traders do not participate. Typically, PENGU's Funding Rate remains negative on major exchanges, indicating many investors are holding sell positions, despite market recovery.
However, a 62% increase in open interest shows a clear negative sentiment. There has been a decline in positive emotions, which raises questions about the continuation of this growth momentum.
Whales Joining... But Not to Buy?
In a context where investors are taking profits, PENGU's cash flow has recorded an increase. According to CoinGlass, net inflow into the fund reached 3.78 million USD. Such signs often precede potential selling pressure, leading to the possibility of this cryptocurrency's price declining.
Despite positive cash flow, trading activities show uncertainty in PENGU's price recovery. Investors are weighing risks and potential profits in this unstable context.
Is Pudgy Penguins' Rally Recovering?
Indicators like RSI and DMI indicate that PENGU is in an upward price movement. RSI touched 57.17, showing increasing buying pressure. DMI also supports this trend as +DI is higher than -DI, which is usually beneficial for new buyers.
But $0.012 remains the key resistance level that PENGU must overcome to continue confirming the upward trend. If this level is not surpassed, the possibility of correction to $0.010 is quite high, especially as the decline in ETF expectations begins to emerge.
