Pudgy Penguins (PENGU) Price Analysis: Can Bulls Push Beyond $0.0400 Resistance?

PENGU is currently trading around the $0.0375 mark and remains bullish on lower timeframes. The price is holding a steady uptrend as PENGU attempts to retest previous highs. In the short term, the key target is the resistance at the $0.0400 mark, where bears are likely to step in. Let’s take a quick look at the latest PENGU charts to assess where the price could move next.

Key Takeaways

• PENGU has broken out of its falling channel and is holding above the $0.0363 support.
• The next key target sits at the $0.0400 level, with $0.0450 as the next major resistance.
• While momentum looks bullish, volatility remains high given PENGU’s low-cap nature.

Analyzing the PENGU Charts

If we look at the latest 4-hour timeframe for PENGU, the first thing to notice is that the price has broken above the resistance at $0.0363 with solid momentum and is pushing higher with multiple bullish candles forming. At the moment, it looks likely that the price will retest the resistance at the $0.0400 mark and attempt to break above it.

We can also see that the support level to watch for PENGU is at the $0.0329 mark. However, it is likely that the resistance at $0.0363 will now flip into support, as the price has already closed multiple 4-hour candles above it. If the price moves to the downside, the major support zone to watch will be between $0.0300 and $0.0285.

On the 1-day timeframe, the recent bullish momentum came after PENGU broke out of the falling channel it had been forming on the daily chart. A falling channel is a downtrending pattern that often signals a bullish reversal once a breakout occurs. After breaking out of the structure, the price initially rejected the $0.0363 resistance, pulled back to retest the channel, and then bounced strongly, gaining momentum. PENGU is now trading above resistance and targeting higher levels, with the first key target at $0.0400, followed by $0.0450, a level that has previously acted as strong resistance.

Final Takeaways: What is Next for PENGU?

PENGU is currently trading above the key resistance at $0.0363 and is showing strong momentum. The price has broken out of the falling channel it was forming on the daily timeframe and is now looking to flip $0.0363 into support before targeting higher levels around $0.0400 and $0.0405. The setup looks solid at the moment, and the move could extend further. Overall, the current PENGU price prediction is leaning bullish thanks to the structure explained above. However, since PENGU is a low-cap meme token, caution is advised as trends can reverse quickly due to high volatility.