Right now, PENGU is showing lots of bullish momentum on the upside, trading above all major moving average supports. Other recent filings for a PENGU ETF could be fueling the price action. The crypto’s overbought condition, along with its 25% drop from a mid-December high, point to prudence.
PENGU’s technical price action reflects continued bullish short term momentum as it remains above most key moving averages. In addition, the digital asset’s 10-day EMA is $0.01294. At the same time, the 20-day SMA is at $0.0108 further cementing this upward trend.
Even with this new increase, PENGU is still 77% under its December 2024 all-time high of $0.06845. The collection’s overall market cap is just $209 million.
Today, PENGU’s RSI is a frothy 72.89. Such a high P/E ratio usually shows overbought conditions meaning the asset is likely overdue for at least a small price correction.
Trend analysts have grown confident that further upside momentum may soon force buyers’ attention to $0.02 in due course. At the same time, a reversal in buying pressure could lead ETH price back down to support around $0.012.
The most recent BZX Exchange 19b-4 form filed with the U.S. Securities and Exchange Commission was on June 25. The filing seeks approval to list the Canary PENGU ETF. A very small percentage of Solana and Ethereum would be kept to allow for transactions on the new merged network. Here’s why the filing is likely informing PENGU’s price action.
