Finding a Foothold at Key Support
Pudgy Penguins (PENGU) is displaying signs of a potential bounce after successfully holding a critical support zone. On the 12-hour chart, the token’s price touched $0.0315, a level that has historically attracted strong buying activity. Crypto analyst Ali Martinez identified this area as a crucial base for buyers. At the same time, the TD Sequential indicator flashed a “Buy 9” signal, a pattern that often emerges at the conclusion of a downward trend, further bolstering the bullish case.
The Path to Higher Prices
With the price now consolidating, the first key level for traders to watch is $0.036. If PENGU can move above this level and sustain it as new support, the next target becomes $0.044. However, if the price fails to hold the $0.0315 support, the token could see a deeper correction toward the next support area near $0.0275. The current price of PENGU is $0.036, with a 24-hour trading volume of over $635 million. While the token is up 4% in the last 24 hours, it remains down 17% for the week, indicating that the broader pullback has not yet fully reversed.
Supertrend and RSI Offer Room to Grow
On the 4-hour chart, the Supertrend indicator (10,3) is currently red at $0.03838, acting as a short-term resistance level. A close above this price point would signal a stronger market recovery. The Relative Strength Index (RSI) is sitting near 53, which suggests that buying pressure is improving but still has significant room to run before the token enters overbought territory. This combination of signals points to a market that is ready for a potential upward move, provided it can overcome the immediate resistance.
A Bullish Breakout Pattern
A broadening wedge pattern on the 4-hour chart provides additional evidence for a bullish short-term setup. The token recently broke above horizontal resistance in the $0.036 to $0.037 range with rising volume. This breakout pattern points to an upside move toward $0.046, which represents a 26% gain from the breakout area. The former resistance zone has now become a support level, and as long as PENGU holds above $0.036, the short-term conditions remain favorable. Continued strength in Ethereum could also provide a tailwind for this token.
Analyst Consensus
The analysis from various crypto experts aligns with the bullish sentiment. Ali Martinez‘s analysis suggests an upward move is possible if the $0.036 level holds. CryptoBull_360 anticipates short-term bullish action supported by growing volume. While analyst K A L E O has shared a long-term projection of $4.2069, this is a speculative forecast that highlights the long-term optimism surrounding the project.
Read More: Pudgy Penguins (PENGU) Price Prediction: Breakout Targets $0.048 as Momentum Builds
