PENGU Price Surges: Will It Reach $0.045 Again?

PENGU’s price has seen a significant increase recently, breaking out of a falling wedge pattern and showing potential for further gains. With positive market movements and growing community interest, traders are eager to see if it can reclaim its July high of $0.045.

Key Takeaways

PENGU price increased by over 18% after breaking out of a falling wedge pattern.
Currently trading at $0.035, the token is 22% below its July peak of $0.045.
Daily trading volume surged to $951 million, enhancing market cap beyond $2.2 billion.
Technical indicators suggest a bullish trend, targeting $0.045 shortly.
Community interest is bolstered by the upcoming SEC decision on the Canary Spot PENGU ETF.

PENGU price breaks out of falling wedge, can it reclaim $0.045? - 1

PENGU Price Analysis

PENGU’s price has risen more than 18% in the past week after confirming a breakout from a falling wedge pattern. This technical setup indicates that the token could potentially extend its rally over the coming weeks.

Currently, according to data from crypto.news, Pudgy Penguins is trading at $0.035. This reflects an 11.6% increase over the last 24 hours and a total rise of 19% in a week. However, the token's price is still 22% lower than its peak of $0.045 reached in July of this year.

Today's price rally is accompanied by a substantial rise in daily trading volume, which hit $951 million, while the market cap increased to over $2.2 billion, surpassing significant competitors like Kaspa and Cosmos Hub.

Technical Breakdown

On the daily chart, PENGU has decisively broken out of a falling wedge pattern, consolidating for the past seven weeks. This pattern generally consists of converging trendlines that slope downward, and when it is broken, it often leads to a significant upward movement.

In a broader context, the falling wedge also serves as the handle of an expansive cup and handle pattern that has been evolving since early this year. The cup and handle formation typically features a rounded bottom followed by a brief decline, and a successful breakout generally signals a bullish rally.

Technical indicators further support the optimistic outlook for PENGU. The MACD indicators recently showed a positive crossover, with increasing green histograms indicating a buy signal. Moreover, the Relative Strength Index (RSI), which gauges recent price changes, is above 59, indicating growing buying pressure.

Future Price Targets

Given the current trend, PENGU aims to reach $0.045, matching its July high, and this target is consistent with the implications of the falling wedge pattern. A successful breakout above the cup and handle neckline at $0.047 would further validate this setup, potentially leading to more significant gains.

Conversely, if PENGU drops below the support level of $0.027, it could invalidate the current bullish setup.

Community Dynamics

Pudgy Penguins have various bullish elements that might drive growth and profits in the coming weeks. A key factor is the renewed excitement among the community, particularly with the U.S. SEC’s looming decision on the first PENGU ETF, known as the Canary Spot PENGU ETF, expected by October 12. Despite previous delays, traders view the ETF—aimed at bundling PENGU tokens with NFTs—as a step forward for the mainstream acceptance of meme assets.

Additionally, on-chain data suggests ongoing accumulation, and engagement metrics hint at significant growth potential. In a recent post on X, the Pudgy Penguins team pointed out that while there are over 800,000 holders, only 5,700 have joined the “PENGU Platoon,” the project’s core community on X. This implies a large number of passive holders who may become more active participants.

Conclusion

In summary, PENGU's recent price surge and technical indicators suggest a positive trend ahead. With significant community interest and the potential approval of the Canary Spot PENGU ETF on the horizon, traders are keenly watching to see if PENGU can reclaim its previous highs.

Disclosure: This article does not serve as investment advice. All content presented here is for educational purposes only.