- Whales withdraw $3.05 million from PENGU and $3.29 million from Binance and Bybit, respectively
- If PENGU breaks below $0.035, it could turn bearish
The recent $3.05 million withdrawal of Pudgy Penguins (PENGU) from Binance can be seen as a sign of significant whale accumulation.
This activity, coupled with another major transfer from Bybit, demonstrated growing confidence among large holders. In fact, such moves often precede price increases, as whales can strongly influence market sentiment.
Source: Solscan
By consolidating large quantities of PENGU, these whales could potentially control supply dynamics, thereby contributing to upward pressure on prices. As more whales become involved, the perceived value and demand for PENGU could increase, fostering a bullish outlook for its near-term market performance.
This strategic accumulation highlighted a pivotal moment, which could lead to an increased valuation of Pudgy Penguins in the market.
PENGU performance and predictions
A review of its press time performance revealed that PENGU grew by more than 3% in the last 24 hours, while its daily volume declined by more than 5%. The PENGU price chart also hints at resilience as the altcoin entered the market strongly, peaking strongly at $0.07017 before a significant pullback.
It then established a solid base at $0.035, where it mostly fluctuated before beginning a slow rise – indicating a consolidation phase that could lay the foundation for future rallies.
The RSI has climbed above the midpoint – A sign of growing buyer interest. The MACD supported this bullish outlook, displaying a crossover that indicates potential ongoing upward trends.
Source: Commercial View
At press time, PENGU was hovering near a crucial support level at $0.035487. If this level fails, the price could fall towards the first target point at $0.043 and possibly the second at $0.070. This suggests that PENGU has rebounded from its initial volatility. It could even exceed its initial market capitalization.
However, if the support remains intact, a bounce above the $0.036921 resistance is plausible for Pudgy Penguins. This could fuel a 98% rally beyond the ATH.
Clearance Heatmap
Additionally, PENGU’s liquidation heatmap showed a concentration of leveraged positions vulnerable to liquidations at $0.038. These positions mean that around 697.60K PENGU could be in danger if the price falls slightly below this level.
If PENGU breaks this support, a sharp decline could trigger further selling due to cascading liquidations, thereby adding downward pressure on prices.
Source: Coinglass
Conversely, holding above this level could stabilize the PENGU market and provide a basis for future gains, suggesting a potential rebound if buying support solidifies.
This delicate balance highlights the central role of liquidation thresholds in influencing short-term price movements and market sentiment toward leveraged assets.
