Pudgy Penguins Holds Key Support Zone, Eyes 26% Gain to $0.046

Pudgy Penguins (PENGU) has shown signs of a potential short-term rebound after holding a key support zone near $0.0315, according to recent technical analysis [1]. The area has historically shown strong buyer activity, making it a critical level for traders to monitor. Analyst Ali Martinez emphasized that this support level is essential for any near-term bullish movement [1].

Currently, PENGU trades at $0.036 with a 24-hour volume exceeding $635 million. Despite a 4% gain in the last 24 hours, the token is still down 17% for the week, indicating that the broader decline has not yet reversed [1].

On the 4-hour chart, the Supertrend indicator (10,3) shows a red signal at $0.03838, suggesting this level acts as immediate resistance [1]. A close above this level could signal a stronger recovery. The Relative Strength Index (RSI) stands at 53, reflecting improving buying pressure but still far from overbought conditions.

The TD Sequential indicator has triggered a “Buy 9” signal, a pattern often associated with the end of a downtrend [1]. This could serve as a catalyst for a potential rally. If PENGU moves above $0.036 and holds, the next target is expected near $0.044. A breakdown below $0.0315 could push the price down to $0.0275 [1].

A 4-hour chart shared by CryptoBull_360 reveals a broadening wedge pattern, with PENGU recently breaking out above horizontal resistance near $0.036–$0.037 amid increasing volume [1]. This breakout points to an upside trajectory toward $0.046, approximately 26% higher than the breakout area. As long as PENGU remains above $0.036, the short-term outlook remains favorable [1].

Analyst K A L E O has projected a long-term price target of $4.2069 for PENGU [1]. However, this forecast is speculative and not supported by current technical conditions. Meanwhile, CryptoBull_360 noted that PENGU’s near-term momentum could be further supported by the broader strength in the crypto market, particularly in Ethereum [1].

Source:

[1] PENGU Eyes $0.044 After Holding Key Support Zone (https://cryptopotato.com/pengu-eyes-0-044-after-holding-key-support-zone/)