The Securities and Exchange Comission (SEC) has approved the Pudgy Penguin (PENGU) ETF application submitted by Canary. A crypto netizen by the pseudonym, Ansem retweeted a post shared by Solanafloor, a data analysis platform for Solana, which stated that the SEC had acknowledged the filing for the Canary PENGU spot ETF application. The excitement in the market grew with this news, and the price of PENGU started to gain value.
A Crypto analyst who goes by the pseudonym Ali spotted an ascending triangle on the daily Pudgy Penguin chart. The analyst stated that Pudgy Penguin’s token PENGU, was holding strongly above the support level/breakout zone, and it was building momentum to break out towards $0.044.
The ascending triangle has a flat top/resistance and a rising support or lower trendline. The flat top or resistance signals that although the price hit the resistance level multiple times, it could not break out, the sellers are holding the price at the level. The ascending support level shows that the buying momentum is building, and the uptrend might continue after the breakout.
On the 2 hour chart, PENGU has broken out and risen exponentially after trading inside a falling wedge for almost a week. However, after rising from as low as $0.0144 to $0.0195, the Bollinger bands indicate that it the market is overbought. Therefore, there could be a market correction and the price could retrace and fall near $0.0154.
