invezz.com
Pudgy Penguins ($PENGU) cryptocurrency has been showing notable activity in the market over the past few weeks.
The token is currently trading at $0.006722, up nearly 7.8% in the last 24 hours.
This price rise comes after a clean breakout from a falling wedge pattern, which saw sellers quickly fade and momentum shift decisively.
Notably, $PENGU held its key horizontal support levels like a rock before firing a sharp 17.36% gain.
This February “waddle back” rally shows that the token can hold up even when the broader market is weak.
Market catalysts, such as the launch of the Visa-powered Pengu Card, add real-world utility to the cryptocurrency, though regulatory delays affecting a $PENGU-linked NFT ETF have slowed some institutional inflows.
$PENGU technical analysis
The breakout has turned price compression into real gains.
However, $PENGU is still currently trading below all the moving averages, although the Relative Strength Index (RSI) indicator has already confirmed the rebound after hitting the oversold region.
Traders should now pay close attention to immediate resistance at $0.006930, which is seen as the trigger level for further upward movement.
If $PENGU can break and hold above this level, it could push toward $0.0075–$0.0079 in the short term.
On the downside, failure to maintain momentum may lead to a pullback toward $0.0052, representing a potential 22% correction.
The key support levels to watch in the near term include $0.00644, $0.00617, $0.00612, and $0.00586.
Looking at historical data, $0.00452 has acted as a strong short-term support.
On the upside, $0.00783 has historically been a key resistance level, with moves above it often opening the path to higher ranges.
The next resistance levels above that are $0.0115 and $0.0141, which could become relevant if the rally sustains.
This layered structure of support and resistance gives traders a clear framework for monitoring price action.
Pudgy Penguins price forecast
Overall, $PENGU is at a critical juncture.
Momentum is improving, and catalysts like real-world utility and consolidation phases could support a further rally, but dense overhead resistance means traders should be cautious and monitor how the token behaves around these pivotal levels.
Traders should keep a close eye on $0.006930 as the immediate breakout trigger.
Holding above this level could see momentum carry the price toward $0.0075–$0.0079 in the short term.
For the long-term traders, the main resistance levels to watch are at $0.00783, followed by $0.0115 and $0.0141.
These levels could become key targets if the token gains sustained traction from the current price.
If resistance proves too strong, the token may fall toward $0.0052, testing lower support levels.