PENGU Crypto Surges 50% as Bitcoin Breaks All-Time High

PENGU crypto, the token associated with the Pudgy Penguins NFT collection, saw a remarkable 50% surge from its low of $0.0143 on July 7. This substantial rally was fueled by Bitcoin's breakout to a new all-time high, which ignited bullish sentiment across the cryptocurrency market. The price of PENGU crypto reached $0.02, hitting the first target as indicated by the Fibonacci extension levels, with $0.02 and $0.026 marked as the 23.6% and 61.8% extension levels, respectively.

The 1-day chart for PENGU/USDT on TradingView displayed strong bullish momentum, with the price soaring above $0.0125 local highs in late June. This movement left behind a sizable fair value gap, which was anticipated to be retested as a demand zone before the rally continued. However, the aggressive bullish demand, combined with Bitcoin's euphoric breakout, prevented this retest. The Chaikin Money Flow (CMF) indicator supported this with strong capital inflows, maintaining consistent readings above +0.05 throughout July. Additionally, the Money Flow Index (MFI) rose in tandem with the price, indicating robust buying pressure.

Despite the bullish momentum, there were indications of a potential short-term retracement. A bearish divergence hinted at a possible cooldown, and the spot taker CVD data of the past three months showed that selling pressure from profit-taking activity was increasing in July. This was likely due to the swift price rally, as holders might be tempted to book profits. The rally shifted the market into a Taker Sell Dominant phase above $0.02, indicating that many traders were looking to lock in profits.

Liquidity maps identified $0.0225 and $0.0175 as key zones for the next price moves. The recent liquidation data suggested that PENGU crypto might be pulled higher in the coming days, with the $0.0225-$0.023 area acting as a magnetic zone of interest above the market price. To the south, the liquidity clusters were not as strong until the $0.018 area. Therefore, these were the two supply and demand zones for the PENGU token in the short term. A retracement toward $0.0175 could provide a buying opportunity, although buyers might not see sizeable price dips due to the overall bullishness across the market and behind PENGU.

The technical analysis indicated that the uptrend was intact, although there was potential for a price dip toward $0.0175. Traders should closely monitor these key support levels, as they could determine the next direction of the PENGU crypto price. Despite the potential for short-term retracement, the overall bullish sentiment and strong capital inflows suggested that PENGU crypto could continue its upward trajectory in the coming days.