PENGU, the memecoin inspired by the popular Pudgy Penguins NFT collection, has surged over 40% in the past 24 hours, breaking free from a weeks-long consolidation phase. The price is currently testing resistance at the $0.008–$0.010 range, which was a significant breakdown point back in early March.
Memecoin PENGU blasts out of weeks-long sideways trading, backed by bullish indicators and ETF approval rumors.
After trading between $0.004 and $0.006 for nearly two months, the breakout came on strong trading volume and bullish technical indicators. The Relative Strength Index (RSI) has crossed above 70, showing strong buying momentum, while the MACD has flipped bullish with a clean crossover — both MACD and signal lines trending sharply upward.
Importantly, PENGU has now closed above its 20-day EMA and 50-day SMA for three consecutive days — something not seen in months — suggesting a potential shift in trend. Volatility has returned, as seen by the Average True Range (ATR) ticking up since April 21.
Should PENGU break through the current $0.010 resistance zone and hold above it with convincing volume, the next price target is $0.015. This psychological barrier last acted as a resistance back in January. Beyond that, a more aggressive target of $0.022 emerges — a level where previous horizontal support formed before the market correction.
A major bullish catalyst on the horizon is the potential approval of a PENGU ETF reportedly filed by Canary Capital. While details are limited, speculation around the ETF has already begun fueling market excitement.
As interest in memecoins grows and retail traders return to the market, PENGU could be on track for a notable run — if it clears these technical and psychological hurdles.
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