TL;DR
- PENGU completes bullish retest, with analyst Ali projecting $0.060 goal by early August.
- Open curiosity surges previous $176M, suggesting sturdy dealer conviction behind PENGU’s newest breakout.
- Resistance ranges at $0.032 and $0.044 could act as stepping stones towards the $0.060 goal.
PENGU Worth Rallies Following Spot ETF Submitting Acknowledgement
The worth of PENGU, a Solana-based memecoin, surged practically 29% up to now 24 hours. The transfer adopted the US Securities and Trade Fee’s (SEC) acknowledgment of a submitting for the Canary Spot PENGU ETF. On the time of writing, the favored meme coin was exchanging palms at $0.01902 with a 24-hour buying and selling quantity of $431 million.
In the meantime, this growth sparked renewed curiosity within the token, with many merchants reacting to the ETF submitting as a attainable catalyst for broader adoption. Over the previous 7 days, PENGU has gained over 16%, constructing on sturdy momentum as anticipation grows over potential ETF approval.
Chart Indicators Help for Larger Targets
Crypto analyst Ali shared a chart exhibiting that PENGU lately accomplished a textbook bullish retest close to $0.013. The worth has since rebounded and is now focusing on $0.060 by August, in keeping with the projection.
Slap your self in case you are sleeping on $PENGU. It is a textbook bullish retest. $0.060 by August is simply the beginning. As soon as the ETF will get permitted, who is aware of how far this could go. https://t.co/QJJVClSNjl pic.twitter.com/KfXhNAmgeq
— Ali (@ali_charts) July 9, 2025
“$0.060 by August is simply the beginning. As soon as the ETF will get permitted, who is aware of how far this could go,” Ali wrote.
Notably, resistance zones are marked close to $0.032, $0.044, and $0.060. The sample suggests a reversal of the downtrend that started in February, supported by a newly confirmed assist stage simply above $0.013.
Open Curiosity Spikes Alongside Worth
Knowledge from Coinalyze reveals that aggregated open curiosity (OI) surged previous $176.9 million as the value rose above $0.019. This sharp enhance in OI displays a flood of latest positions being opened in the course of the rally.
Rising OI together with worth usually factors to bullish positioning from merchants moderately than brief overlaying. Nevertheless, elevated OI additionally carries threat, as fast liquidation might happen if momentum fades.
In keeping with our current evaluation, PENGU could also be getting ready for a bigger transfer. Analyst Martinez famous that the token might quickly check the $0.044 stage, which might signify a 200% acquire from earlier buying and selling ranges.
The put up Viral Meme Coin PENGU Worth Skyrockets 29% Amid Spot ETF Buzz appeared first on CryptoPotato.