Pudgy Penguins token has surged after Canary officially filed a PENGU ETF with the SEC. The news has fueled bullish sentiment, helping the token rebound and break through key technical levels.
Despite the sharp move, indicators suggest there may still be room for further upside before the market enters overbought conditions. Investors are now closely watching whether this momentum can carry PENGU above critical resistance zones in the coming days.
PENGU Indicators Suggest More Room For Growth
PENGU, which was once the biggest Solana meme coin, has rallied sharply following Canary’s filing for a PENGU ETF, breaking above key Ichimoku levels.
The price has moved above both the Tenkan-sen and Kijun-sen lines and surged through the cloud, signaling a potential bullish trend reversal. The strong breakout candle reflects increased buying momentum driven by the ETF announcement.
With the cloud ahead turning green, the setup now favors the bulls.
The bullish crossover between the Tenkan-sen and Kijun-sen supports this outlook, suggesting that if it holds above the cloud, further upside is likely. The ETF news has clearly shifted market sentiment, boosting short-term momentum.
PENGU’s RSI has climbed to 62, up from 44.86 just a few hours ago, reflecting a surge in bullish momentum.
The Relative Strength Index (RSI) is a momentum indicator that measures the speed and magnitude of price changes, helping to identify overbought or oversold conditions.
With its RSI now at 62, the asset is approaching bullish territory but still below the overbought threshold of 70.
Interestingly, the RSI hasn’t crossed above 70 since January 5, suggesting that while momentum is building, there’s still room for further upside before hitting overbought conditions.
Will PENGU Rise Above $0.010 Soon?
If the recent PENGU ETF news generates enough momentum to sustain an uptrend, PENGU could climb to test resistance at $0.0093, making it climb some positions among the biggest Solana meme coins.
A breakout above that level could open the path toward $0.011, pushing the price above $0.010 for the first time in over a month and signaling a stronger bullish recovery.
However, if the news fails to drive lasting buying pressure, a downtrend could soon develop.
In that scenario, it might fall to test support at $0.0062. If that level is breached, it could decline further toward $0.0057 or even $0.0050, erasing much of the recent gains.
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