Pudgy Penguins (PENGU) Price Prediction: Is $0.040 the Next Target?
- PENGU gained 8.2% in 24 hours, trading near $0.03388 and outperforming Bitcoin.
- Resistance at $0.03394 and support at $0.02947 define the current range, with $0.040 as the next bullish target.
- Traders lean bullish, with long positions far outweighing shorts and weekly charts hinting at a potential bullish engulfing setup.
Pudgy Penguins (PENGU) has caught some fresh attention after posting an 8.2% gain in the past 24 hours, trading now around $0.03388. The move comes right after a period of sideways action, hinting that buyers were waiting for the right moment to step in. Data from a Solana-based crypto community showed that PENGU was the most purchased memecoin by smart money during the day, ahead of other favorites like BONK, Jupiter, Moo Deng, and even Useless. Against Bitcoin, the token also looked strong, climbing 6.6% to 0.062724 BTC—outperforming the broader market.
Technical Breakout Pushes PENGU Toward $0.040 Target
PENGU recently managed to crack a stubborn resistance at $0.03217, a level it tested multiple times over four straight days. Once it broke through, the token kept pushing higher, with resistance now sitting at $0.03394 and support holding steady at $0.02947. Bulls believe a daily close above $0.03217 confirms strength, potentially setting up a move toward the $0.040 mark—a 20% upside from here. Still, not all indicators are green: the Supertrend on the 4-hour chart is still showing red, and the Average Directional Index (ADX) sits at 15, well below the 25 threshold that would confirm strong momentum.
Trader Positioning Shows Strong Bullish Bias for PENGU
Looking at liquidation maps from CoinGlass, major levels are stacked at $0.03182 on the downside and $0.03442 on the upside. Interestingly, long positions dominate, with traders holding $6.48 million in longs compared to just $1.35 million in shorts. That imbalance points to a bullish bias, with confidence that PENGU can stay above the $0.03182 support. Weekly chart action shows consolidation inside the $0.02947–$0.03394 band, alternating red and green candles, but the pattern is starting to resemble a bullish engulfing setup—something often seen before price expansion phases.
PENGU Price Prediction: Can Pudgy Penguins Extend the Rally?
Right now, the bullish view stays intact as long as PENGU trades above $0.0338. A slip below that would weaken the setup, but staying firm here could give bulls the fuel to drive higher. With volume clustering near consolidation levels and Bitcoin dominance easing slightly, conditions are in place for another leg up. If momentum continues, the $0.040 zone is the logical target, while longer-term, traders will be watching to see if PENGU can build on its reputation as one of the memecoins attracting real “smart money” interest.
The post Pudgy Penguins (PENGU) Price Prediction: Is $0.040 the Next Target? first appeared on BlockNews.
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Pudgy Penguins (PENGU) Price Prediction: Is $0.040 the Next Target?
- PENGU gained 8.2% in 24 hours, trading near $0.03388 and outperforming Bitcoin.
- Resistance at $0.03394 and support at $0.02947 define the current range, with $0.040 as the next bullish target.
- Traders lean bullish, with long positions far outweighing shorts and weekly charts hinting at a potential bullish engulfing setup.
Pudgy Penguins (PENGU) has caught some fresh attention after posting an 8.2% gain in the past 24 hours, trading now around $0.03388. The move comes right after a period of sideways action, hinting that buyers were waiting for the right moment to step in. Data from a Solana-based crypto community showed that PENGU was the most purchased memecoin by smart money during the day, ahead of other favorites like BONK, Jupiter, Moo Deng, and even Useless. Against Bitcoin, the token also looked strong, climbing 6.6% to 0.062724 BTC—outperforming the broader market.
Technical Breakout Pushes PENGU Toward $0.040 Target
PENGU recently managed to crack a stubborn resistance at $0.03217, a level it tested multiple times over four straight days. Once it broke through, the token kept pushing higher, with resistance now sitting at $0.03394 and support holding steady at $0.02947. Bulls believe a daily close above $0.03217 confirms strength, potentially setting up a move toward the $0.040 mark—a 20% upside from here. Still, not all indicators are green: the Supertrend on the 4-hour chart is still showing red, and the Average Directional Index (ADX) sits at 15, well below the 25 threshold that would confirm strong momentum.
Trader Positioning Shows Strong Bullish Bias for PENGU
Looking at liquidation maps from CoinGlass, major levels are stacked at $0.03182 on the downside and $0.03442 on the upside. Interestingly, long positions dominate, with traders holding $6.48 million in longs compared to just $1.35 million in shorts. That imbalance points to a bullish bias, with confidence that PENGU can stay above the $0.03182 support. Weekly chart action shows consolidation inside the $0.02947–$0.03394 band, alternating red and green candles, but the pattern is starting to resemble a bullish engulfing setup—something often seen before price expansion phases.
PENGU Price Prediction: Can Pudgy Penguins Extend the Rally?
Right now, the bullish view stays intact as long as PENGU trades above $0.0338. A slip below that would weaken the setup, but staying firm here could give bulls the fuel to drive higher. With volume clustering near consolidation levels and Bitcoin dominance easing slightly, conditions are in place for another leg up. If momentum continues, the $0.040 zone is the logical target, while longer-term, traders will be watching to see if PENGU can build on its reputation as one of the memecoins attracting real “smart money” interest.
The post Pudgy Penguins (PENGU) Price Prediction: Is $0.040 the Next Target? first appeared on BlockNews.
Read More