PENGU surges 14% to $0.007876 as double bottom formation triggers recovery from multi-week lows

PENGU advanced 14% in the past 24 hours to $0.007876 while trading volume exploded 112.08% to $210.6 million, signaling aggressive market participation. Buyers stepped in decisively after prolonged weakness and drove a sharp expansion move on the 4-hour chart. Momentum builds as higher lows replace the prior breakdown structure.

A well-defined double bottom formed near $0.005861 and triggered a powerful recovery leg. Buyers defended that base twice, absorbed selling pressure, and forced a structural shift. Following the rebound, price reclaimed the 20 EMA positioned around $0.006969, signaling trend repair on the 4-hour timeframe. Momentum strengthened further as $0.007275 flipped into support during the advance.

Currently, price challenges the $0.0080 resistance zone, which previously rejected upside attempts. A decisive breakout above the barrier could open a path toward $0.0090. Conversely, hesitation near resistance could invite consolidation around reclaimed support before continuation develops.

The RSI stood at 73.49 at press time, while its signal line tracked near 64.64, confirming strong bullish momentum. Persistent readings above 70 often accompany breakout phases rather than immediate reversals. However, elevated oscillator levels increase the probability of short-term cooling if buyers lose urgency. 

Momentum still favors continuation, especially while price remains above the 20 EMA. Divergence would require attention if price stalls near resistance while RSI rolls over. Until the shift occurs, momentum supports the bullish structure.

Exchange outflows and top trader positioning signal growing conviction

Spot netflow data showed a –$106.49K print at the time of press, indicating tokens exiting exchanges instead of entering. Exchange withdrawals reduce immediately tradable supply and often reflect holding behavior rather than distribution. Although the outflow remained small relative to the $210.6M daily volume, directional alignment with rising price strengthened the bullish narrative. Supply contraction, even modest, supports continuation when demand expands simultaneously.

Binance top trader positioning showed 56.06% in longs versus 43.94% shorts, producing a Long/Short Ratio of 1.28. Growing long dominance signals rising confidence among high-volume participants. Expanding leverage can accelerate upside momentum if price clears resistance. However, crowded long positioning introduces squeeze risk should price reject $0.0080. Rising ratio levels indicate fresh positioning rather than static bias, aligning derivatives sentiment with spot strength.

Market structure remains favorable, but resistance must break cleanly to validate continued expansion. Sustained buying pressure must continue; otherwise, recent gains could stall near overhead liquidity pockets where supply previously dominated.