- Pudgy Penguins ($PENGU) has successfully held support and flagged a bullish retest at the 0.786 Fibonacci retracement level, showing strong evidence of upward structure.
- Technical indicators show momentum building; including the 50-day EMA back into support, and the MACD suggesting renewed buying activity for $PENGU.
- Broader adoption boosts confidence, with toy sales, Pudgy Party game release, and Bullish earnings report exposure fueling market recognition for Pudgy Penguins.
Pudgy Penguins ($PENGU) has confirmed a bullish retest, holding support firmly as traders now look toward higher resistance targets near $0.090.
Retest Validates Breakout Structure
The $PENGU/USDT chart on the 12-hour timeframe confirms that price action has completed a bullish retest. After consolidating within a descending channel, $PENGU decisively broke out and reclaimed key Fibonacci levels. The 0.786 retracement around $0.0306 has now turned into strong support.
Currently trading near $0.037, the structure favors upward continuation. Market analyst Ali (@ali_charts) noted that the dotted projection path points to potential impulsive waves aligned with Fibonacci extensions. The first major test sits near the 1.0 level around $0.0466, which also acts as psychological resistance.
A move above this level may create momentum to aim for $0.065 and $0.076, with the final 1.618 Fibonacci extension at $0.090-$0.095 range as the following significant target. The retest has laid the groundwork for continued higher highs and higher lows.
Indicators Confirm Bullish Momentum
Technical indicators further validate the setup. Pudgy Penguins (@pudgypenguins) reported that $PENGU has reclaimed the 50-day exponential moving average (EMA) as fresh support, reinforcing its bullish structure. The EMA now serves as a base for potential upward moves.
Source: TradingView
The MACD indicator has validated a bullish crossover. Furthermore, there are green histogram bars meaning buyers are returning. These indicators heighten the probability for a continuation rally.
Short-term resistance levels are at $0.040 and $0.047. If buyers break these zones, the momentum may push higher towards $0.065-0.075 zone. Analysts maintain that the bullish outlook holds as long as $PENGU remains above the $0.031 support level.
Market Growth Adds Fundamental Backing
Alongside technical momentum, ecosystem growth is adding strength to market sentiment. Pudgy Penguins emphasized global expansion, including millions of toy sales and a push into Asian markets. The launch of Pudgy Party on Google and Apple app stores is also expected to increase visibility.
Institutional exposure is also advancing. Pudgy Penguins and $PENGU recently appeared in the Q2 earnings report of Bullish (NYSE: BLSH). Slides shown during the earnings call introduced the project to Wall Street audiences, signaling broader recognition.
ETF applications which are presently pending approval could further boost institutional demand. This, along with technical confirmation, creates a supportive backdrop for the current rally. Traders are now monitoring closely if momentum can extend above $0.090.
