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- PENGU tops DOGE in volume as traders eye $0.052.
- Massive volume shift sends PENGU soaring above Dogecoin on Upbit.
- Korean traders fuel PENGU rally with strong technical breakout.
A surge in trader activity has placed Pudgy Penguins (PENGU) above Dogecoin (DOGE) on South Korea’s Upbit exchange. PENGU’s trading volume has now officially overtaken DOGE, attracting significant interest within the meme coin market.
The token secured another all-time high of $0.0455 but briefly retraced to the near $0.044 level. Even though there was a minor decline, the trading motions, however, indicate bullish signals since the price has been veering above key supports.
As @ali_charts stated, there is a definite breakout of a symmetrical triangle, which indicates a new price target at $0.052. There was heavy trading volume in the series of events that indicated a powerful wave in the market that emerged after the breakout.
The technical nature of the chart pattern provides additional support to the bullish sentiments because the strength of the breakout has been sustained at a substantial volume. A tight above the $0.046 resistance can create a possibility of a breach of the expected $0.052.
Besides spot trade, the derivatives market has exploded as the price has risen. According to Coinglass data, open interest increased by 54 percent within 48 hours, growing from $426M to $657M.
Such growth is a sign of increasing leverage, as traders are long aggressively in the belief that prices will increase further. Further, funding levels are in positive territory, which shows that many people continue to be bullish in all markets.
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Korean Traders Drive PENGU’s Breakout as Volume and Price Surge Together
Increasing regional influence also includes the fact that market participants in Korea are now at the forefront of the recent rally in PENGU. Such a volume transfer out of DOGE is an indicator that sentiment is moving towards newer assets in the meme category that have accelerated movement.
Importantly, Korean traders have also moved towards Korean meme coins, and this has contributed a lot to that rise. DOGE was dominant in Upbit, and only a few days ago, trading saw the momentum reverse as PENGU took the upper hand.
Both the spot and the derivatives markets are trending the same way, thus adding credence to the belief that there can be a continuation rally.
The confidence of new buyers is seen in their entry into the market, and this boosts the bullish set-up in the future. The mix of good volume, a clean technical breakout, and acceleration in derivatives volume portends further strength.
In the case of continued circumstances, PENGU will stand a chance of becoming one of the dominant meme coins in the current market cycle.
The emergence and takeover of the PENGU on Upbit obviously demonstrated the rising level of trader demand and technical power. The uptrend may persist as the price strives to reach the target level of $0.052 with the continued volume and positive sentiment.
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