TL;DR
- PENGU held support at $0.0316, confirming breakout with Fibonacci targets now at $0.0466 and $0.0761.
- The chart shows a bullish flag pattern; a breakout could push PENGU toward $0.074, more than doubling its current value.
- MACD and Stochastic RSI point to strong momentum, though near-term pullbacks remain a possibility.
Price Pushes Higher After Retest
Pudgy Penguins (PENGU) was trading at $0.037 at press time, showing a 10% gain in the past 24 hours with a trading volume of $528 million. Over the last week, the token has risen by 9%, signaling stronger interest from traders.
On the 12-hour chart, PENGU had broken out above a descending channel that had kept prices moving lower since late July. The breakout was confirmed as $0.032 held as support during the retest. Fibonacci levels suggest next targets around $0.047, $0.064, and $0.076, with extended projections pointing toward $0.096 if momentum continues . Analyst Ali Martinez said,
Bullish Flag Signals Higher Target
Analyst Bitcoinsensus highlighted a bullish flag pattern forming after months of sideways trading earlier this year. The breakout from accumulation created a steep flagpole, followed by a pullback inside a downward channel.
This structure is often read as a continuation setup, where consolidation is followed by another push higher. Bitcoinsensus noted,
At current levels near $0.037, that would mean more than doubling in price if the breakout confirms.
In addition, Momentum readings align with the bullish setup. The MACD line has moved above the signal line, and the histogram has flipped positive, pointing to building strength on the upside.
The Stochastic RSI is trending higher at 78 and 66, close to the overbought range. This suggests intense buying pressure but also leaves room for short-term pullbacks before further moves higher.
Growing Presence in Traditional Markets
Beyond trading charts, PENGU is establishing itself in traditional finance. The founding team of Pudgy Penguins reported that both the project and the token made an appearance in Bullish (BLSH) Q2 earnings report on the NYSE. The mention introduced the project to a broader financial audience.
Structurally, the charts point higher with indicators assuring momentum. Outside attention is coming in as well. PENGU remains under active scrutiny as traders ponder whether the rally can extend toward the projected levels.
