- Pudgy Penguins (PENGU) trades above the golden Fibonacci zone, forming a bullish flag structure that signals a possible breakout continuation rally.
- Canary Capital Group’s ETF filing with the SEC, allocating assets in Pudgy Penguins NFTs, strengthens market attention and fuels bullish expectations.
- PENGU expands rapidly across Asia, earning the title “Asia’s DOGE,” while millions in toy sales reinforce its mainstream and market visibility.
Pudgy Penguins (PENGU) is coiling within a bullish flag while strong fundamentals, including an ETF filing and Asia expansion, fuel expectations of higher targets.
Bullish Technical Formation Nears Confirmation
Chart shared by Analyst Ali observed that PENGU is trading inside a well-defined bullish flag on the 12-hour chart. Following July’s sharp rally, the token corrected in a controlled channel, a structure often considered a precursor to continuation gains.
Price action is currently consolidating between $0.030 and $0.031, with price resting above $0.029 which is the 0.618 Fibonacci retracement level. This level often presents a key zone for Traders to use when launching a renewed move up. A breakout above $0.036 would confirm this breakout pattern and aligns with flag resistance and the 0.786 Fibonacci level.
If that breakout materializes, measured targets project an advance toward $0.046. Additional levels are clustered at $0.065 and the Fibonacci extension near $0.096–$0.10. However, losing $0.029 support would weaken the setup and could open a retracement toward $0.026–$0.025.
ETF Filing Provides a Strong Catalyst
The bullish setup is unfolding alongside new regulatory developments. Canary Capital Group has submitted an application with the Securities and Exchange Commission for a Pudgy Penguins ETF. The proposal would allow up to 15% of fund assets to be held in Pudgy Penguins NFTs.
While this filing has drawn attention, prediction markets currently assign a 58.5% probability that approval will not arrive before October. Skeptics point to limited use cases when compared to established digital assets. Nonetheless, the SEC’s review of the filing keeps the narrative active in market discussions.
Ali stressed in a recent tweet that when strong fundamentals align with supportive chart structures, the probability of momentum-driven continuation rallies increases. The ETF buzz adds to the technical narrative, providing a dual backdrop for potential market strength.
Expanding Market Reach in Asia
PENGU’s growth story is not limited to technical patterns or regulatory filings. The project has also gained considerable traction in Asia, where its popularity has earned it the nickname “Asia’s DOGE.” This regional expansion has created an additional layer of support for its token performance.
The brand has also achieved success beyond digital assets through millions in toy sales, boosting visibility among wider audiences. This mainstream traction complements its presence in emerging markets, reinforcing confidence in the token’s broader narrative.
At the time of writing, PENGU trades at $0.03574 with daily volume at $909.7 million. The price has risen 17.02% over the past 24 hours and nearly 10% in the past week. Some analysts also point to a developing cup and handle formation, projecting potential upside toward $0.082. Together with the bullish flag structure, this strengthens the case for a breakout scenario toward $0.10.
