PENGU Gains 12.6% as ETF Review and Asian Adoption Boost Bullish Outlook

PENGU is approaching a potential breakout from a well-defined cup-and-handle pattern, supported by a formal U.S. Securities and Exchange Commission (SEC) review of an ETF filing and growing adoption in Asian markets. The token currently trades at $0.03843, having gained 12.6% in the past week according to CoinMarketCap. The formation, which has been developing since January 2025, features a rounded base followed by a pullback that shaped the “handle,” with the pattern suggesting a potential move toward $0.082 [1].

The technical trajectory of PENGU has shown resilience, particularly after a rejection at $0.045 in early August triggered a pullback to $0.030. However, buyers have since defended this level, enabling a rebound that has strengthened the bullish case. Market capitalization for PENGU has increased from $2.10 billion on August 3 to $2.50 billion by August 10, with a peak of $2.60 billion during the week’s high. Trading volume also reflects this trend, surging again on August 10 as price recovery gained momentum [1].

The ETF filing has emerged as a key catalyst, with the U.S. SEC now reviewing a 19b-4 application backed by the Chicago Board Options Exchange (CBOE). This marks the first time an ETF proposal tied to an NFT-linked memecoin has reached this stage, significantly enhancing PENGU’s legitimacy and drawing increased market attention. Analyst Ali Charts has highlighted this as a major bullish driver, noting the CBOE’s involvement as a first-of-its-kind development in the memecoin space [1].

Simultaneously, PENGU is gaining traction in Asian markets, particularly in South Korea and China. Its adoption is driven by the popularity of the Pudgy Penguins NFT brand and its associated merchandising. This growing organic demand adds a layer of fundamental strength to the already strong technical setup, reinforcing the case for further upside.

A breakout above the $0.045 resistance level, supported by strong volume, could trigger a move toward the $0.082 target. However, maintaining the $0.030 support level is crucial to preserving the integrity of the cup-and-handle pattern.

PENGU’s growth trajectory is being fueled by both technical and fundamental factors, positioning it as a compelling opportunity for investors in the evolving crypto market [1].

Source: [1] PENGU Poised for Potential Breakout Amid ETF Review and Growing Asian Adoption (https://en.coinotag.com/pengu-poised-for-potential-breakout-amid-etf-review-and-growing-asian-adoption/)