In the past two days, the chubby penguin PENGU has performed well, causing a stir in the market!
There are even posts saying that $PENGU will become the next $PEPE .
This is quite interesting, so today we will verify it:
Fibonacci Retracement Angle:
After hitting the top, PEPE fell back to around 0.236, and then rebounded strongly and broke through the previous high significantly in 2024, becoming a phenomenal meme coin.
And PENGU's recent trend is also somewhat similar - after hitting the top, it fell back to around 0.5, and is now in a rebound phase, up more than 50% in the past week, but it has only just touched back to its May high.
The difference is that PEPE broke out after a deep correction, and $PENGU started pulling before it returned to the bottom, indicating that its structure may be stronger. But the key is to see whether it can effectively break through the suppression zone of 0.015~0.017, which is also the legendary "starting position".
In addition, one more thing to note is that PENGU is in an ascending triangle pattern and is currently oscillating near the upper rail. If it breaks through with volume, it may really be the beginning of a wave of "meme take-off".
In summary: PENGU is now copying a rhythm similar to PEPE's explosion, but it is still somewhat different from completely following PEPE's path. Currently, once PENGU breaks through 0.017, both sentiment and structure may be fully detonated.
Will the next hit meme be the chubby penguin? Little Meow thinks it's worth paying attention to.