Pudgy Penguins Token PENGU Surges 10% on ETF Filing

Pudgy Penguins token, PENGU, has surged by 10% following the official filing of a PENGU ETF by Canary with the Securities and Exchange Commission. This development has sparked bullish sentiment, driving the token's price above key technical levels and signaling a potential trend reversal.

PENGU, once the largest Solana meme coin, has seen a significant rally after Canary's ETF filing. The price has moved above both the Tenkan-sen and Kijun-sen lines on the Ichimoku chart, surging through the cloud. This strong breakout candle indicates 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 lines supports this outlook, suggesting that if PENGU holds above the cloud, further upside is likely. The ETF news has clearly shifted market sentiment, boosting short-term momentum.

PENGU’s Relative Strength Index (RSI) has climbed to 62, up from 44.86 just a few hours ago, reflecting a surge in bullish momentum. The 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.

If the recent PENGU ETF news generates enough momentum to sustain an uptrend, PENGU could climb to test resistance at $0.0093, potentially 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, with PENGU potentially falling 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.