PENGU Memecoin Surges 24.6% as Bitcoin Hits $103.1k

PENGU, a memecoin, experienced a significant rally on May 8, surging by 24.6% as Bitcoin's price increased by 6.2%, reaching $103.1k. This bullish sentiment across the crypto space led to double-digit gains for many altcoins, including PENGU. The memecoin's price had previously pulled back to $0.0102 but showed impressive recovery, erasing all losses from the past ten days. The high trading volume over the past two weeks indicated a strong bullish structure, with the price gains on May 8 accompanied by heavy trading volume.

The Chaikin Money Flow (CMF) indicator rose above the +0.05 mark, signaling substantial buying pressure. The Relative Strength Index (RSI) also climbed above 70, indicating strong bullish momentum. However, a daily trading session close above $0.0127 could result in a bearish divergence on the 1-day chart, potentially leading to a rejection from the $0.0141 local high. This divergence does not guarantee a price drop but suggests caution among traders.

Data from Coinalyze showed strong bullish sentiment in the short term, with Open Interest rising rapidly alongside the price, reflecting heightened speculative activity. However, the Funding Rate was not consistently positive, indicating that futures traders might be taking short positions to catch the market top, aligning with the past week's market sentiment. Overall, the short-term outlook for PENGU remains bullish, but traders should be wary of potential volatility around Bitcoin, which could affect the memecoin's price.