PENGU, SUI, and PUMP lead the rise of altcoins! Bitcoin rebounds and breaks through 93,000

Due to Vanguard’s decision to allow cryptocurrency exchange-traded funds (ETFs) to be traded on its platform, Bitcoin (BTC) rebounded in the past 24 hours, breaking through $93,000. Altcoins such as PENGU, SUI, and PUMP also saw double-digit gains, rising 25%, 21%, and 17% respectively on December 3, leading a broad crypto market rebound.

Vanguard Opens Crypto ETF Trading, Boosting Bitcoin Rally

(Source: Trading View)

As of December 3, at the time of writing, Bitcoin’s price broke through $93,000, continuing the nearly 6% gain from the previous day. Bitcoin’s rebound broke above the recent resistance at $92,800, which was formed by the April 28 low. If Bitcoin can hold this level, it is expected to continue rising, with the next target near the 50-day Exponential Moving Average (EMA) at $98,673.

Technical indicators on the daily chart show that as the Relative Strength Index (RSI) recovers from the oversold area to 47, selling pressure has significantly weakened. If the RSI breaks above the midline, it signals renewed buying pressure. The Moving Average Convergence Divergence (MACD) continued its uptrend after crossing above the signal line on November 25, confirming the trend reversal. The moving averages pulling back within the negative zone indicate that bearish momentum is fading.

Vanguard’s decision is a milestone. The asset management giant, known for its conservative approach, had long refused to offer crypto ETFs on its platform, consistent with its risk-averse investment philosophy. However, with Bitcoin ETFs attracting over $30 billion in inflows over the past year and demonstrating relatively stable performance, Vanguard has evidently reassessed its stance. This policy shift opens a compliant channel for tens of millions of Vanguard customers to allocate into Bitcoin, which is expected to generate tens of billions of dollars in new demand.

BlackRock’s IBIT saw trading volume exceed $1 billion within the first 30 minutes of trading after Vanguard opened up, far surpassing usual volumes and demonstrating how strong pent-up demand can be when released. Many Vanguard clients likely wanted to allocate to Bitcoin for a long time but were restricted by platform limitations. Now that the floodgates are open, this latent demand is rapidly converting into actual buying.

On the other hand, if Bitcoin pulls back from $92,800, it may test the strong demand area between the November 22 close at $84,739 and the November 21 low at $80,600. This range has provided strong support in recent weeks, and if the price falls back to this zone, it is expected to attract buyers again.

PENGU Breaks $0.01 Psychological Barrier, Challenging Channel Resistance

(Source: Trading View)

On December 3, Pudgy Penguins’ token price surged 25%, outpacing the overall crypto market recovery. PENGU’s rebound has broken through the $0.01 psychological barrier and is approaching the upper resistance trendline of a broad descending channel on the daily chart. If the close decisively exceeds the November 4 low of $0.0132, it may confirm a bullish breakout from the channel pattern. If so, PENGU could continue its rally toward the 50-day moving average at $0.0159.

Momentum indicators show that upward pressure has eased, with the RSI recovering from the oversold region to 45 on the daily chart. Meanwhile, the MACD and its signal line continue to rise steadily, approaching the zero axis. This technical improvement indicates that PENGU’s downward momentum has been fully released and buyers are gradually stepping in.

The $0.01 psychological barrier is significant for PENGU. In the crypto market, round numbers often have strong psychological effects, with many investors placing buy and sell orders at these levels. PENGU breaking $0.01 means short-term resistance has been cleared, opening up space for further gains. The next target, $0.0132, is the November 4 low and also the upper boundary of the descending channel; breaking this level would confirm the invalidation of the channel pattern and a trend reversal.

On the other hand, Saturday’s low of $0.0099 may act as immediate support. If the price retraces to this level, it is expected to attract dip buyers. From a risk-reward perspective, buying PENGU near the current price with a stop-loss below $0.0099 and a target of $0.0159 yields a risk-reward ratio of about 1:3, making it attractive for short-term traders.

SUI Double Bottom Reversal Pattern Signals Trend Change

(Source: Trading View)

Meanwhile, as of Wednesday’s publication, SUI was trading at $1.63 after a 21% gain on Tuesday. SUI stabilized above $1.60 following Tuesday’s 21% rally, indicating the emergence of a double bottom reversal pattern. SUI’s nearest resistance is at $1.82, while the November 4 low serves as immediate resistance.

Similar to PENGU, momentum indicators show that selling pressure is decreasing as both the RSI and MACD gradually recover. The double bottom reversal is one of the most reliable bullish patterns in technical analysis, consisting of two similar lows and a rebound high in between. When the price breaks above the rebound high, it typically marks the end of a downtrend and the start of an uptrend.

SUI’s double bottom pattern is clearly visible on the daily chart. The November 21 low of $1.31 forms the first bottom, followed by a rebound to around $1.60. The price then pulled back again but found support near $1.31, forming the second bottom. Tuesday’s 21% rally broke above the intermediate rebound high, initially confirming the double bottom pattern. A break above the November 4 low at $1.82 would fully confirm the validity of the pattern.

SUI Technical Key Levels

Support: $1.31 (double bottom neckline, pattern invalidation if broken)

Current Price: $1.63 (stabilizing)

Nearby Resistance: $1.82 (November 4 low)

Target: $2.20–$2.50 (double bottom measured target)

SUI’s key support remains at the November 21 low of $1.31. This price level forms the base of the double bottom; a break below would invalidate the pattern and could trigger a fresh decline. Therefore, investors should closely watch whether SUI can hold above $1.60, which is critical for confirming the pattern’s validity.

PUMP Rises 17%, Approaching 50-Day MA

Lastly, token issuance platform Pump.fun performed best in the past 24 hours, with a nearly 17% gain on Tuesday. Pump.fun’s 17% rise signals a new recovery, with bulls targeting the 50-day moving average. PUMP is slowly approaching its 50-day moving average at $0.003658, which acts as immediate resistance.

If the Relative Strength Index (RSI) breaks above the midpoint of 50, it is close to signaling a bullish trend reversal. At the same time, the MACD remains in an uptrend, attempting to break out of negative territory, indicating bearish momentum is weakening.

The 50-day moving average is the most commonly used medium-term trend indicator in technical analysis. When the price is above the 50-day moving average, it is often seen as a medium-term uptrend; below it suggests a downtrend. PUMP is currently below the 50-day moving average but is rapidly approaching it, suggesting a medium-term trend reversal may be imminent. A break above the $0.003658 resistance would confirm the trend shift from down to up, attracting more buyers.

As a token issuance platform, Pump.fun’s token price is closely linked to platform activity. Within the Solana ecosystem, Pump.fun is one of the most popular meme coin launch platforms, with many trending meme coins debuting there. When market sentiment improves and speculative demand returns, Pump.fun’s usage and revenue both increase, driving up the PUMP token price. Tuesday’s 17% gain may reflect expectations of a renewed meme coin season.

On the downside, the S1 pivot at the $0.002000 psychological barrier remains a key support. This price level is an important round number and a technical pivot support. If PUMP pulls back to this level, it is expected to attract buying support. From the current price to the 50-day moving average, there’s about 20% upside, but about 35% downside to the support level. This asymmetric risk-reward makes the current position relatively unfavorable for bulls; it’s advisable to wait for a breakout above the 50-day moving average or a pullback to support before entering.

PENGU, SUI, PUMP Technical Summary

PENGU: Breaks $0.01, target $0.0159, support $0.0099

SUI: Double bottom confirmed, target $1.82, support $1.31

PUMP: Approaching 50-day MA at $0.003658, support $0.002000

The collective rally of these three altcoins is no coincidence, but rather benefits from the spillover effect after Bitcoin broke above $92,000. When Bitcoin stabilizes and starts rising, investors’ risk appetite increases, and capital begins to flow from Bitcoin to high-beta altcoins. As representative projects in their respective sectors, PENGU, SUI, and PUMP are among the first to benefit from this capital rotation.