Pudgy Penguins (PENGU), one of the most prominent meme coins on the market, has recorded a strong price increase of up to 23%, boosting weekly profits to 86%. This growth is not only due to strong fundamentals but also driven by special attention from TRON founder Justin Sun. Through a post on X, Sun endorsed this coin, igniting interest from the crypto community and fans.
A united community and impressive price increase
Pudgy Penguins, a meme token developed on the Solana platform and inspired by the famous NFT collection, has recorded double-digit growth after a strong viral wave on social media.
Justin Sun recently shared an animated image featuring the distinctive penguin, wearing a t-shirt printed with the TRON logo. He humorously captioned: "Everyone has become a penguin."
This post quickly attracted attention within the cryptocurrency community and among Pudgy Penguins fans, with enthusiastic responses from supporters. The official Pudgy Penguins account on X quoted Sun's post and wrote:
"Justin looks so stylish. Welcome to Huddle."
This viral moment has significantly increased interest around the PENGU token, pushing its value up and stimulating speculation about strong growth potential in the future.
Notably, the price explosion of PENGU occurred just a few days after on-chain analyst Ali pointed out the potential growth of the Pudgy Penguins token. Ali emphasized that PENGU has a truly solid foundation.
"Just compare the success of PEPE with the current position of PENGU, you will feel like this is a once-in-a-lifetime opportunity. The big difference? Pudgy Penguins has a real foundation behind it," Ali shared.
Additionally, the analyst also noted the "textbook bullish retest" of PENGU on July 10 and predicted that the short-term price target could reach $0.06 by August. However, this depends on the approval of the PENGU spot ETF by the U.S. Securities and Exchange Commission (SEC).
Interestingly, the SEC just confirmed this application just a few days ago, a decision that caused PENGU's price to explode by 23%, reaching its highest level in months.
PENGU price outlook
Looking at the price outlook for Pudgy Penguins, technical indicators show that this token is in a strong recovery phase, with the potential to regain its all-time high (ATH) of $0.07, recorded on December 17 last year. Indicators such as the SMA moving average and the RSI show stability and strong growth potential.
Technical indicators are showing that the token is holding strong on important support zones, determined by the 50, 100, and 200-day SMA lines, respectively at $0.012, $0.011, and $0.013. Any selling pressure will face strong resistance from significant buying momentum at these support levels, suggesting the market tends to maintain its upward trend.
The RSI indicator also confirms the upward trend, continuously creating higher highs and higher lows, reinforcing PENGU's recovery.
If buying pressure continues to increase, the price of PENGU could return to the important support level at the Fibonacci 50% at $0.036. If it surpasses this level, the token could continue to exceed the Fibonacci retracement of 61.8% at $0.044, turning this into a solid support level.
A strong candle closing above this level on the daily timeframe will create momentum for PENGU to reclaim the ATH of $0.07, equivalent to a 130% increase from the current price.
However, if investors decide to take profits early, this could disrupt PENGU's upward trend. If it breaks the Fibonacci 23.6% level, the token may revert to the accumulation stage below $0.019, where buyers will have the opportunity to re-enter at a lower price, near the SMA line.
Analysts and investors are closely monitoring the developments of Pudgy Penguins, especially as PENGU gradually approaches new price levels. The Alligator indicator shows a significant divergence between moving averages, reflecting a strong price increase currently underway.
However, many investors are concerned that taking profits too early could disrupt PENGU's upward momentum. Short-term price adjustments are inevitable, but if PENGU can surpass important support levels, this cryptocurrency may continue its strong growth journey.
Overall, PENGU has demonstrated its strength and growth potential in recent times. Justin Sun's involvement has not only created a strong viral wave but also elevated the value of this token in the eyes of the crypto community. While solid fundamentals and favorable technical indicators are driving the value of PENGU, increasing interest from institutions and large investors promises to be a key driver for this meme coin in the near future.
Pudgy Penguins are currently facing a breakout opportunity, with the potential to reach new highs. However, like all cryptocurrency assets, volatility is unavoidable, and investors need to closely monitor market developments to effectively seize opportunities.
