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Home»NFTs
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PENGU Price Soars 30% Today After SEC Recognizes Canary’s ETF; Will It Hit $0.035 Next?

News RoomBy News RoomJuly 10, 2025No Comments3 Mins Read
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Pudgy Penguins (PENGU) Price Surge: What You Need to Know

Pudgy Penguins (PENGU) has experienced a remarkable rally recently, soaring over 30% to a price of $0.0196 on July 10. This surge has captured the attention of the crypto community, largely fueled by the U.S. Securities and Exchange Commission’s (SEC) acknowledgment of Canary’s filing for a PENGU Exchange-Traded Fund (ETF). Such developments not only indicate regulatory interest but also stimulate investor optimism, suggesting that PENGU may be on the brink of further gains, with forecasts hinting at a price target of $0.035.

Technical Analysis: The Bull Flag Breakout

The price action for PENGU has been characterized by a bull flag pattern, indicating a potential continuation of the upward trend following the recent breakout. While the price has made impressive gains, it still needs to confirm a daily close above the critical resistance level of $0.0156. A successful close above this level, followed by a retest as support, would reinforce the bullish outlook. Given the positive indicators, including a rising Average Directional Index (ADX) and a favorable Chaikin Money Flow (CMF), the technical environment appears to favor bullish traders, suggesting that the rally may just be getting started.

Recent Developments: SEC Acknowledges PENGU ETF

The SEC’s acknowledgment of Canary’s filing for a spot PENGU ETF has contributed significantly to the current price surge and investor sentiment. Submitted in late June, this filing represents a pivotal milestone towards ETF approval, hence boosting market interest. This newfound optimism is visible in the sharp rise of open interest (OI) associated with PENGU, which has increased by 52% to $278 million, as tracked by Coinglass data.

Market Dynamics: Short Positions and Bearish Sentiment

Interestingly, while PENGU’s price is climbing, market indicators suggest a paradoxical increase in short positions. In fact, this surge in OI appears to be driven by traders who are increasing their bearish bets, taking advantage of a deeply negative funding rate. Data from prominent exchanges like OKX and Binance show that the long/short ratio has dipped, with values of 0.36 and 0.72 respectively. This could mean that while some traders view the bullish momentum favorably, others are prepared for a potential bearish reversal, adding layers of complexity to market sentiment.

Future Price Projections: What Lies Ahead for PENGU

If the bullish flag breakout holds, PENGU could potentially rise further, leading to significant gains across the broader cryptocurrency market. Should the ongoing short positioning lead to a short squeeze, this could catalyze the next bullish leg, opening avenues for more investors and traders to enter the market. As PENGU approaches the anticipated price of $0.035, attention is focused not only on market dynamics but also on how traders adjust their positions in response to the evolving narrative surrounding the PENGU ETF.

Conclusion: Weighing the Risks and Opportunities

Investors remain cautiously optimistic regarding the future of PENGU, grounded in the recent positive momentum from both technical patterns and developments in the ecosystem. While the SEC’s recognition of the ETF filing boosts confidence, the market remains volatile due to mixed signals about short positions. As such, investors are encouraged to maintain vigilance and conduct thorough research before making any financial decisions regarding PENGU and similar cryptocurrencies.

In summary, PENGU’s recent price rally is driven by a convergence of strong technical indicators and transformative regulatory developments. As the market evolves, it stands to be an intriguing asset to watch, especially for those intrigued by the innovative dynamics in the crypto space.

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