Le Pengu, the native token linked to the top tops of the NFT project, has climbed 6% in the last 24 hours in the middle of a significant increase in the volume of negotiation.
While the interest of investors is climbing, data on the chain flash signs of potential continuation in the upward momentum of the pingou.
The Pingu is preparing for another higher leg
Two key measurements on the chain suggest that the rally may not be finished. First, an assessment of the thermal liquidation card of the Penguidation reveals a significant group of liquidity just above the current price, around the level of $ 0.045.
Thermal liquidation maps are used to identify price levels where leverages are liquidated. These cards highlight the high liquidity areas, often coded by color to show the intensity, with brighter (yellow) areas representing greater liquidation potential.
When the liquidity clusters are formed above the current market price of an asset, they often act as magnets, pulling the price upwards. These areas are generally targeted by traders aimed at triggering stop-loss or forced liquidations. Indeed, they know that this can create an increase in the pressure of purchase and fuel the bullish momentum in the short term.
For Le Pengu, the clusters of liquidity around $ 0.045 could serve as a price magnet. It could potentially draw the value from the higher memes part as traders push the market to this area.
In addition, the long / short ratio of Pengu has reached a monthly summit of 1.06, highlighting the increased conviction among derivative traders.
The long / short ratio measures the proportion of long open positions (Paris that the price will increase) to open short positions (Paris that the price will drop) on the term markets.
A ratio greater than 1 indicates that more traders take long positions than short. In the case of Pengu, he indicates that market players are positioning themselves more and more for more increases.
The shot of the Penguer war could decide the next big movement
At the time of writing the editorial time, PEGGU is negotiated at $ 0.0379, holding stable above the support floor at $ 0.0369. If the purchase of the momentum continues to develop, the same part could rally to the region of $ 0.044, near the place where the liquidity clusters are positioned.
However, if the down pressure reappears, ventilation below the 0.0369 support could open the door to a deeper retrace to the $ 0.0291 area.
The post why the Pengu’s liquidation thermal card could lead a short -term rally appeared first on Beincryptto.
