- PENGU forms a bullish flag, with analysts eyeing a breakout move toward the $0.110 target.
- Support at $0.031 holds firm as buyers defend key levels despite recent 12% price drop.
- Resistance at $0.045 is critical, a breakout could signal strong continuation into August.
Pudgy Penguins’ memecoin, PENGU, is trading at $0.03414 while showing technical signs of a potential upward breakout. Market analysts and traders are closely watching a bullish flag pattern, which often leads to a sharp continuation move. PENGU could soon test higher resistance levels if buying momentum increases.
Chart Structure Points to Continued Uptrend
PENGU has formed a bullish flag on the 4-hour chart following its price increase to $0.045 in July. This structure includes a flagpole and consolidation, with converging trendlines indicating a potential breakout. According to an analysis prepared by Ali Martinez, “PENGU is forming a textbook bullish flag,” signaling possible movement toward $0.110.
The current range is holding between $0.035 support and $0.045 resistance. Key Fibonacci levels include $0.029, $0.026, and $0.022. These areas could serve as support if any retracement occurs before a breakout. The asset recently bounced off the $0.031 demand zone, which has historically acted as a reversal point.
Analyst Sjuul from AltCryptoGems noted that resistance remains near the $0.04–$0.045 level but explained that “it’s normal to face some rejection on the first attempt,” referencing a similar pattern near $0.017 before it advanced.
Momentum Builds as Analysts Defend Key Levels
Despite a 12% decline over the past 24 hours, market sentiment around PENGU remains optimistic. According to an observation by Bruh, the token is repeating a descending channel pattern that has previously triggered rallies.
Recent dips have been met with buying pressure, especially near the $0.028 to $0.031 support region. Crypto analyst Snyder also reported that PENGU retested the key liquidity zone before bouncing, suggesting continuation into August.
As open interest rises and moving averages hold strong, the broader trend remains positive. A close above $0.045 may open the path to new highs and the projected $0.110 breakout target.
