PENGU soars 17% despite Bitcoin dip: Is a Bull Run imminent?

Pudgy Penguins (PENGU) jumps 17% despite Bitcoin's drop. Will this breakout smash the key resistance level of $0.0103? Find out now!

Written by Charles Ledoux

Adapted by April 28, 2026 at 12:33 by Simon Dumoulin

coin pengu sur un fond bleu noir avec coin jaune en fond

Copié

PENGU, the new memecoin leader?

While the memecoins market is in a slump, with Dogecoin still struggling to keep up with Bitcoin, Pudgy Penguins (PENGU) is leading the pack. Currently trading in a price range between $0.0099 and $0.0102, the token has recorded a spectacular surge. This bullish movement is accompanied by an explosion in trading volume, which has jumped by 210% to reach $385.32 million.

However, on-chain data reveals a fierce battle. On one hand, whales have increased their holdings by 17.71% over the last seven days, showing strong conviction. On the other, Open Interest (OI) has climbed by 17.06% to $135.27 million, with a clear bias toward short positions.

PENGU hits a wall: The trendline to break

Analyzing the liquidations heatmap highlights a zone of extreme tension. Traders are heavily overleveraged, with $3.65 million in long positions against $4.91 million in shorts. This accumulation of downside bets around the $0.0103 resistance indicates that bears are trying to force a correction.

PENGU liquidation heatmap over 12 hours — Source: Coinglass

To the downside, a short-term cluster has formed around $0.0097, while to the upside, shorts are sitting just above its recent high. With tomorrow’s (Wednesday) FOMC announcement, volatility is expected to be extreme. In this context, both liquidity zones could be swept in the coming days.

Pengu price chart over 16 hours with trendline, order block, range, and RSI

Currently, PENGU is facing its major bullish trendline at $0.0102. The constant rejection from this area confirms that bears have taken control and are trying to defend this zone. In the event of a rejection, PENGU has formed a 16H bullish order block around $0.0085. This is a solid support to watch. Above all, it confirms that smart money is highly bullish on the Solana penguin memecoin.

Conversely, a confirmed breakout above $0.0102 would trigger a massive short squeeze. Short sellers would be forced to buy back their positions, mechanically propelling the price toward the next technical target set at $0.0137.

How high can the Pudgy Penguins (PENGU) price go?

The tug-of-war between accumulating whales and retail traders shorting the market is creating explosive volatility. Technical indicators show that the trend remains fragile, hinging on the bulls’ ability to absorb selling pressure. If the broader crypto market remains stable, the current momentum could be enough to shatter resistance levels.

However, the risk of a sharp reversal is real. A sudden spike in liquidations could turn this rally into a mere flash in the pan. The coming hours will be decisive in confirming whether this move is the prelude to a new surge or a trap set by sellers.

Is it the right time to position yourself on PENGU before a potential explosion toward $0.0137? For now, only a breakout and a sustained hold of $0.010 as support can allow PENGU to continue its ascent. Conversely, a pullback to $0.0085 could offer a good entry zone. Nevertheless, if this order block is lost, it will mean that PENGU is re-entering its range and that the medium-term bullish trend is over. In this scenario, PENGU could drop back to $0.0065, or even lower.

The coming days will be crucial, and the market’s direction following the FOMC meeting will likely determine PENGU’s trajectory for the months ahead.

Sources:

Related Articles:

Charles Ledoux

Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.

DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.

DISCLAIMER

This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.

InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.