PENGU has experienced significant price appreciation recently, briefly reaching $1.50 per token.
The surge followed successful breaks through key resistance levels at $0.12 and $0.33, with market analysts attributing substantial momentum to speculation surrounding a potential Exchange-Traded Fund (ETF) filing.
Technical analysis highlights the 10-day Simple Moving Average (SMA) acting as a reliable short-term support level for PENGU, triggering rebounds after pullbacks. Additionally, trading volume and overall market capitalization for the token have shown considerable growth.
While driving substantial market enthusiasm, the speculation concerning a PENGU ETF currently lacks confirmation; no official filing has been submitted to regulatory authorities.
Market participants view the combination of breaking key technical resistance levels and the consistent support offered by the 10-day SMA as strong signals indicating potential for continued momentum.