- PENGU’s bull flag shows it may be gearing up for a new rally with traders watching the $0.060000 level closely.
- Strong buying interest and rising volume suggest momentum is building as PENGU tests the top of its consolidation channel.
- Traders are getting confident again, with some already adding more positions as they expect the next leg higher.
PENGU is nearing a decisive moment as its chart on Binance signals a potential breakout. The token currently trades at $0.028590 with modest daily gains. Analysts believe the coin has completed its consolidation phase and could soon extend higher. The bullish setup stems from a textbook bull flag pattern that formed after an explosive summer rally.
Besides, the structure reflects strong market behavior across three phases. Prices dropped sharply in February from highs near $0.045000 to lows around $0.005000 by March.
However, accumulation followed between April and June, as buyers stepped in around the $0.005000 to $0.015000 zone. Hence, this base created the foundation for July’s vertical breakout, where PENGU surged nearly 200% to $0.045000.
Classic Bull Flag Pattern Confirmed
Moreover, the price action from August through September formed the flag portion of the pattern. Parallel declining trend lines shaped the channel while volume steadily decreased. Support near $0.025000 attracted buyers, while resistance near $0.040000 triggered repeated rejections. Consequently, this behavior confirmed a textbook flag channel, typical of bullish continuation.
Additionally, Kamran Asghar highlighted breakout attempts above the flag’s upper boundary. He pointed to increasing volume during those moves as a strong sign of momentum. The chart even features educational inserts, showing how classic bull flag structures often extend higher once consolidation ends. Based on measurements, potential targets reach $0.060000.
Traders Position for Upside
Furthermore, market sentiment has shifted. Analyst Whitey emphasized the importance of the cooldown phase. He explained that it allowed PENGU to form a stronger base before the next rally. He also revealed a 50% spot allocation, reflecting confidence in further upside.
PENGU shows a textbook bull flag with breakout potential. If momentum holds, upside toward $0.060000 could attract more traders quickly.
