PENGU broke out of a descending channel and is now targeting the $0.041 resistance zone.
Price holds above key trendlines with support at $0.0342, signaling potential bullish continuation.
Trading volume surged 90% as market cap hit $2.31B, supported by Robinhood listing and ETF news.
Pudgy Penguins (PENGU) is trading above key technical levels after breaking out of a descending channel. At the time of writing, PENGU was priced at $0.033. The recent breakout has shifted short-term sentiment, and the asset is now targeting a potential move toward the $0.041 zone, supported by trendline strength and market momentum.
Price Holds Above Key Trendline With Upside Potential
As noted in recent chart analysis by Ali Charts, PENGU recently broke out of a descending channel after trading lower since July 28.The breakout occurred around the 0.382 Fibonacci retracement level at $0.036, before the price retraced slightly. However, support remains active near $0.0342, aligning with the 0.236 level.
https://twitter.com/ali_charts/status/1953232369160184158
CryptoPulse observed that PENGU continues to hold above its daily ascending trendline while breaking out of the 4-hour descending trendline. This combination supports a potential bullish continuation as long as the price stays above the current support area. Short-term resistance remains near $0.0360, with upside targets in the $0.040 to $0.044 range.
The daily Relative Strength Index (RSI) remains above 50, signaling steady momentum. A move above the next resistance levels could validate further gains toward $0.041. If the ascending trendline is lost, however, price may revisit the $0.032–$0.030 support zone, as noted in the TradingView chart analysis.
Market Activity Rises Alongside New Listings and Developments
The breakout was followed by strong price action and increased interest. According to CoinMarketCap, PENGU saw an 11.81% 24-hour price rise, pushing the market cap to $2.31 billion.
Volume increased by over 90% during the same period, with $730.8 million in trading activity. Investor sentiment has also grown due to PENGU’s recent listing on Robinhood’s advanced trading platform and news of a pending ETF application submitted by Canary Capital.
These developments are expanding market access and supporting liquidity growth. The overall structure remains favorable for bullish continuation as long as current support levels hold and market conditions remain stable.
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