- PENGU indicated a buy signal on the 4-hour chart and looks set for a new bullish period.
- Many analysts believe the token will soon surge from $0.02 to $0.022 if it remains above crucial supports.
- Interest and ecosystem growth are gaining due to the new ETF filing along with the Pengu Clash launch on TON.
After a period of consolidation, the PENGU token that supports the Pudgy Penguins NFT project is flashing possible signs of a bullish continuation. This could indicate the recent correction has ended, as the TD Sequential indicator on the 4-hour chart has issued a buy signal. Crypto analyst Ali Martinez believes that the current setup is in favor of a bounce because the next target for the price would be $0.025.
After a reversal from the 0.786 Fibonacci retracement levels, the price has reclaimed support above $0.0128. Momentum indicators and climbing trade volume support the move. Since then, higher lows have been formed on the price structure, suggesting the resumption of an upward trend. Additionally, Martinez’s analysis indicates that broader recovery is still occurring, as the coin bounces back from the local lows near $0.0118.
Technical Patterns Align for Bullish Breakout
The trend has decisively broken on the daily chart. At $0.00986, PENGU has reversed a critical resistance level, providing a basis for future rallies. Previously, the 0.618 Fibonacci retracement level of $0.0097 served as a ceiling, but now it has become a floor. The SuperTrend indicator has also gone green, which is historically a strong indicator of bullish conditions becoming prevalent.
StanleyCrypto_1, another analyst, pointed out a trade setup as a bounce off of the ascending trend line support on the chart. His entry range is still from $0.0123 to $0.0125, with a stop-loss at $0.0110 and a short-term target of $0.0168. The structure is indicative of a bullish pennant formation, which often signals upward price continuation.
At the moment, the price is stabilizing close to $0.01477 approaching the supply zones around $0.02 and $0.022. If the breakout is successful, it could provide 40 to 50 percent gains fueled by technology confidence and market activity.
New Game Launch and ETF Filing Add Fuel
Besides the changes in prices, other essential factors are boosting the market’s optimism. Pudgy Penguins has introduced “Pengu Clash,” which is a skill-centric game using blockchain technology on the TON platform. The game allows players to customize Pengus, which can be used in football and darts contests. Pengu Clash does not rely on random chances or pay-to-win features, giving rewards only for your play.
Being popular among social users, the Pudgy Penguins project brings new benefits to PENGU holders. By launching the game, Pudgy Penguins aims to attract more mainstream users to Web3.
In another development, Canary Capital has applied to list the first U.S. ETF that will invest in both PENGU tokens and the Pudgy Penguins NFTs. The fund will use digital assets like ETH and SOL to execute transactions. If approved, it would show that NFT-backed financial services are acceptable in regulated markets.
The increase in ETF interest reflects that digital collectibles and their native tokens are gaining wider acceptance in the market. It supports PENGU becoming a meme coin or NFT utility token but also adds potential for investing.
