Pudgy Penguins (PENGU) Inches Toward Breakout as Bull Flag Takes Shape
- Analyst Ali Martinez spots a Bull Flag pattern in PENGU’s 4-hour chart.
- A bullish breakout could drive prices near $0.10, based on the flagpole’s length.
- Price rejection shows hesitation, but longer consolidation often fuels bigger moves.
An analyst is hinting that Pudgy Penguins (PENGU) might be gearing up for a big move, with its 4-hour chart showing a classic technical setup. The pattern on everyone’s radar? A Bull Flag, which has often preceded strong upside rallies in the past.
PENGU’s Bull Flag Formation
According to Ali Martinez, PENGU has been consolidating inside a Bull Flag—a setup that usually forms after a sharp upward spike. In this pattern, the “pole” is the initial rally, while the “flag” is a slanted consolidation channel that drifts lower. Price typically bounces between resistance on the upper line and support at the lower one until a breakout occurs.
The last month has seen PENGU sliding within this flag-shaped channel. Recently, the token tried to push above resistance but got rejected, sending it back down. While this rejection shows hesitation in the market, staying inside the pattern for too long can often increase the odds of a decisive breakout, up or down.
Why This Matters for Traders
Bull Flags are widely viewed as bullish continuation patterns, meaning the likelier path forward is a breakout to the upside. If that happens, the move often mirrors the height of the initial pole. In PENGU’s case, this would imply a potential surge toward the $0.10 level.
The analyst stressed that PENGU is “inches away” from its next leg up. But until the token clears the upper boundary of the flag, uncertainty remains. The longer it trades within this narrowing range, the more explosive the eventual move could be.
The Road Ahead for PENGU
For now, all eyes are on whether PENGU can hold its support levels and mount another test of resistance. A breakout above the flag could trigger a wave of bullish momentum, while failure to do so might open the door to further downside. Traders are watching closely, as the memecoin edges closer to a pivotal moment.
The post Pudgy Penguins (PENGU) Inches Toward Breakout as Bull Flag Takes Shape first appeared on BlockNews.
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Pudgy Penguins (PENGU) Inches Toward Breakout as Bull Flag Takes Shape
- Analyst Ali Martinez spots a Bull Flag pattern in PENGU’s 4-hour chart.
- A bullish breakout could drive prices near $0.10, based on the flagpole’s length.
- Price rejection shows hesitation, but longer consolidation often fuels bigger moves.
An analyst is hinting that Pudgy Penguins (PENGU) might be gearing up for a big move, with its 4-hour chart showing a classic technical setup. The pattern on everyone’s radar? A Bull Flag, which has often preceded strong upside rallies in the past.
PENGU’s Bull Flag Formation
According to Ali Martinez, PENGU has been consolidating inside a Bull Flag—a setup that usually forms after a sharp upward spike. In this pattern, the “pole” is the initial rally, while the “flag” is a slanted consolidation channel that drifts lower. Price typically bounces between resistance on the upper line and support at the lower one until a breakout occurs.
The last month has seen PENGU sliding within this flag-shaped channel. Recently, the token tried to push above resistance but got rejected, sending it back down. While this rejection shows hesitation in the market, staying inside the pattern for too long can often increase the odds of a decisive breakout, up or down.
Why This Matters for Traders
Bull Flags are widely viewed as bullish continuation patterns, meaning the likelier path forward is a breakout to the upside. If that happens, the move often mirrors the height of the initial pole. In PENGU’s case, this would imply a potential surge toward the $0.10 level.
The analyst stressed that PENGU is “inches away” from its next leg up. But until the token clears the upper boundary of the flag, uncertainty remains. The longer it trades within this narrowing range, the more explosive the eventual move could be.
The Road Ahead for PENGU
For now, all eyes are on whether PENGU can hold its support levels and mount another test of resistance. A breakout above the flag could trigger a wave of bullish momentum, while failure to do so might open the door to further downside. Traders are watching closely, as the memecoin edges closer to a pivotal moment.
The post Pudgy Penguins (PENGU) Inches Toward Breakout as Bull Flag Takes Shape first appeared on BlockNews.
Read More
XLM Price Risks Deep Correction as Social Buzz Fades and Bearish Crossover Looms