PENGU forms a clear cup-and-handle pattern, aiming for a target near $0.082.
SEC review of CBOE-backed ETF filing boosts legitimacy and market attention.
Strong Asian adoption and resilient $0.030 support strengthen bullish outlook.
Pudgy Penguins PENGU, is building momentum near key resistance . A classic cup-and-handle pattern is taking shape.There is growing market interest fueled by an ETF application now under formal SEC review and rapid adoption across Asian markets.
Technical Structure Points to Upside
PENGU trades at $0.03843, gaining 12.6% over the past week, according to CoinMarketCap. The daily chart shows a rounded base forming since January 2025, bottoming in April before initiating a steady climb. Between late June and early August, the token surged from $0.015 to over $0.045, marking an 800% rally from its yearly lows.
A rejection at $0.045 in early August triggered a pullback to $0.030. Buyers defended this level, and price has since rebounded, shaping the “handle” portion of the cup-and-handle formation. This pattern is often seen before significant upside moves, with a measured target pointing toward $0.082.
Market capitalization has risen from $2.10 billion on August 3 to $2.50 billion by August 10, peaking at $2.60 billion during the week’s high. Trading volume reflects the same trajectory, dipping after early August but spiking again on August 10 as price recovery gained momentum.
ETF Filing and Asian Market Growth
Analyst Ali Charts has pointed out multiple bullish drivers for PENGU. The U.S. Securities and Exchange Commission is now formally reviewing a 19b-4 filing for the token marking the first time an ETF proposal tied to an NFT-linked memecoin has advanced to this stage.
The application is supported by the Chicago Board Options Exchange (CBOE), a first-of-its-kind move in the memecoin space, enhancing PENGU’s credibility.
https://twitter.com/ali_charts/status/1954216409619218507
Continued adoption in Asian markets particularly South Korea and China continues to expand. PENGU has gained traction as a cultural icon, backed up by the popularity of the Pudgy Penguins NFT brand and its merchandising potential. This organic demand adds a layer of fundamental strength to the technical setup.
Resistance lies at $0.045.A breakout above this level,supported by strong volume, could trigger a move toward the $0.082 target. $0.030 remains the critical support level that bulls must defend to keep the structure intact.
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