PENGU Holds $0.034 Support Amid Growing Buying Pressure and $704M Trading Volume

PENGU has demonstrated strong resilience in the wake of recent price fluctuations, with bulls successfully defending the $0.034 support level following a clean rebound. This move has signaled renewed buying interest and reinforced the token’s bullish structure, as higher lows continue to form on the price chart. While the token experienced a minor 0.96% decline over the past 24 hours, its 24-hour trading volume exceeded $704 million, underscoring ongoing market participation and investor engagement [1].

The $0.034 level has emerged as a critical demand zone, with traders noting that the price’s ability to hold above this level suggests active accumulation and strong buyer positioning. Crypto analyst BitWitchX highlighted that the recent bounce from this level appears clean, indicating that buyers are defending it aggressively. The formation of higher lows in the chart suggests that the short-term trend remains favorable for bulls [1].

Looking ahead, the $0.0418 resistance level is seen as the next key target for a potential breakout. This level has been tested multiple times without a decisive move through, and a confirmed close above it could pave the way for fresh highs. Traders and analysts are closely watching for signs of increased volume and sustained momentum that would indicate a breakout is imminent. A successful breach would not only validate the current bullish bias but also potentially accelerate upward movement beyond the recent consolidation range [1].

The PENGU token’s multi-faceted profile—combining elements of a meme token, NFT project, and revenue-generating business—has contributed to its appeal among both retail and niche investors. Altcoin Sherpa noted that this diversified use case provides PENGU with multiple avenues for continued interest and adoption. The token’s ability to maintain its position above the key support zone has reinforced the belief that it can attract further accumulation, especially if buyers continue to apply upward pressure [1].

Despite the bullish bias, some traders remain cautious and prefer to wait for a potential retest of the $0.034 level before increasing their exposure. Others are considering small entry points at current levels, with plans to gradually scale into positions if the price shows further strength. The broader market remains in a state of consolidation, with PENGU benefiting from localized demand and a favorable technical setup.

Market observers emphasize that sustained momentum and a clear break of $0.0418 are essential for the next leg of the upward move. Until that happens, price action is expected to remain within the defined support and resistance range, with the $0.034 level continuing to serve as a key psychological and technical floor. Investors are advised to monitor the level closely for signs of either a continuation of the bullish trend or a potential breakdown that could reverse the current momentum [1].

Source:

[1] PENGU Bulls Hold Ground Above Key Support Level: $0.0418 Breakout Next?

https://blockonomi.com/pengu-bulls-hold-ground-above-key-support-level-0-0418-breakout-next/