- CBOE files Canary PENGU ETF, the first to include meme NFTs
- Analysts see a fair value gap and a bullish RSI reversal ahead
- CBOE’s ETF Sparks Institutional Interest in Meme Coins
PENGU remains bullish amid the downturn in the overall crypto market. The token became popular after the CBOE filed for the Canary PENGU ETF, which combines PENGU tokens and Pudgy Penguins NFTs. Technical indicators are flashing green, and traders now consider a potential breakout.
The market correction exerted pressure on various assets, but the asset maintained its price and sentiment. The resilience, combined with a favorable technical framework, has made it more visible to traders. Analysts attributed the increased interest to continuous growth, effective branding, and the ETF headline.
Also Read | Canary’s PENGU ETF Gains Momentum After CBOE’s 19b-4 Filing
Analysts Predict PENGU Breakout to $0.015
ZanDilberian, a crypto analyst, marked the PENGU as a high-potential token due to the current consolidation pattern. His technical chart indicated a framework that implied that there could be an upward momentum after this phase. He also indicated the current range as appropriate to dollar-cost averaging because of the increasing risk-reward ratios.
Source: X
Another analyst, Trader Theory, focused on the PENGU’s core advantage, especially its practical applications and brand involvement as long-term value drivers. His chart indicated a major fair value gap on the daily timeframe, which indicates a potential jump towards the $0.015-0.017 area. He believes that the ETF filing distinguishes PENGU from other meme assets.
Source: X
LordDurden focuses on community strength and the project’s potential to create a digital culture through its meme-NFT fusion. He pointed to the increased number of user interactions, such as GIF usage, which could grow its online presence. His analysis implied a clear breakout from a long-term descending structure, which may increase profits in Q3.
Also Read | PENGU Price Forms Bullish Triangle, Breakout Toward $0.022 Possible
PENGU Consolidation Could Be a Precursor to Breakout
Osemka8 applied the Elliott Wave theory to explain the recent movements of the altcoin as an important corrective wave. He stated that the current consolidation is structured, and important RSI trends support a reversal of the trend. Once the correction completes, he projects the start of a new impulsive rally.
Source: X
Chartist 0xScott30 outlined a regular pattern of pump, pullback, wedge, and breakout on the PENGU chart. In his analysis, he sees the present wedge formation as close to a breakout. He recommended patience and emphasized that the rally would likely be quick after the resistance breaks.
PENGU Surge to $0.012 On the Horizon
Ali Charts referenced the TD Sequential indicator, which spurred a new buy signal on the daily chart. The formation often indicates short-term bullish reversals, which institutional traders utilize. Ali indicated that PENGU could aim at $0.012 in the short term as momentum gains.
Source: X
In case the CBOE Canary PENGU ETF is approved, the altcoin may have access to institutional flows such as those experienced in BTC, ETH, and SOL.
As of press time, the price of the asset traded at $0.009242 with a market cap of $575.5 million and a daily trading volume of $100.4M.
Source: CoinMarketCap
Also Read | PENGU Price Forecast: Falling Wedge Eyes Potential Toward $0.017