Pudgy Penguins (PENGU) surges 50% in week, led by meme coin recovery

Pudgy Penguins (PENGU), a meme coin, has seen a notable increase in value, rising over 50% in the past week. This surge is part of a broader recovery in the meme coin sector, which has rebounded after a month of decline. PENGU has been at the forefront of this resurgence, with a 30% increase over the past 48 hours. However, the momentum has slowed as the token failed to close above the $0.015 level yesterday, leading to a daily drop that appears to be a retest of a previously broken level.

Despite this temporary setback, there is optimism for further increases in the short term. Buyers are expected to exert pressure as soon as support is found on the lower timeframe. If this support holds, PENGU could continue its upward trajectory. However, if the support fails, the token may experience a pullback before resuming its climb. The overall market sentiment remains positive, with a potential bullish sign on the horizon. If PENGU manages to surpass its previous monthly high, a more substantial rally could be anticipated in the near future.

Key levels to watch for PENGU include resistance at $0.0175, $0.0274, and $0.047, as well as support at $0.01, $0.0076, and $0.00525. The current price of PENGU is $0.0134, and the trend is bullish with high volatility. The recent price action suggests that the bulls are likely to maintain control in the coming days, provided that Bitcoin's price remains strong on a weekly basis. Otherwise, the entire crypto market could continue to decline.

The recent surge in PENGU's price has also been influenced by whale buying and speculation surrounding a potential Cboe ETF. This has contributed to a 20% jump in the token's value, bringing it to $0.0115 at the time of reporting. The combination of these factors has created a favorable environment for PENGU, with the potential for further gains in the short term. However, investors should remain cautious and conduct thorough research before making any investment decisions.