As the anticipation for the upcoming mobile game (Pudgy Party) from Pudgy Penguins continues to heat up, the official meme coin PENGU has also gained traction. With the game set to launch on the Apple App Store and Google Play, the price trend of $PENGU reflects the enthusiasm of investors, but will this rally continue?
CoinMarketCap data confirms that PENGU soared from a daily low of $0.02897 to a high of $0.03456, consolidating around $0.03242 at the time of writing. Its market capitalization surpassed $2 billion within 24 hours, which is a significant growth for a meme coin that is still in its early stages. Trading volume also surged to $1.75 billion, indicating increased confidence among traders.
Last week, the leading cryptocurrency exchange in the U.S., Coinbase, turned its avatar into an NFT of Pudgy Penguins, causing PENGU's price to rapidly increase. In just the past week, this meme token has risen over 117%.
Mobile games meet the meme coin craze
Pudgy Penguins partners with Mythical Games to enter the mobile gaming space, launching Pudgy Party, a fast-paced multiplayer royale game aimed at casual gamers, which is set to arrive on major platforms.
Although the game mechanics remain under wraps, early trailers suggest that it is a vibrant social game with collectible styles, continuing the aesthetic that has made Pudgy Penguins one of the most recognized NFT brands.
This release will give away $5,000 worth of $PENGU tokens. Users who retweet the official Pudgy Party promotional tweet, pre-register using an email and Solana wallet, and meet the eligibility criteria will each have a chance to win $1,000. The giveaway will take place from July 14 to August 1, 2025, and is limited to U.S. residents aged 18 and older.
Is the price of PENGU about to cool down?
As shown in the 4-hour chart, the RSI index is at 69.62, approaching overbought levels. While this indicates strong momentum, if buyers pause, it may also signal potential weakness in the short term. If the SEC approves Canary's application for the PENGU ETF, PENGU may also break through the $0.040 area.
Additionally, the MACD remains in the bullish zone, although the histogram is starting to flatten, which is an early sign of weakening momentum. The Bollinger Bands show PENGU is strongly trending upwards, which is a typical characteristic of a parabolic breakout. If the price stagnates, a mean reversion midline (at $0.0297) may occur. Finally, the ATR has surged to $0.00221, indicating increased volatility and suggesting that traders should prepare for significant fluctuations.
Fibonacci retracement levels indicate that immediate support lies at $0.03136 (0.236 Fibonacci retracement level), with deeper support around $0.0297, consistent with the middle Bollinger Band. The resistance levels ahead are at $0.0361 (0.5 Fibonacci retracement level) and $0.0383 (0.618 Fibonacci retracement level), potentially extending all the way to $0.0452.
If PENGU holds the $0.031 level and breaks through the 0.382 Fibonacci resistance level at $0.0340, the next phase could push toward $0.038. However, if it fails to hold the support level at $0.0313, it may retrace to $0.0297 or even $0.0270, which coincides with the 0 Fibonacci baseline.