An analysis of the PENGU token shows a bullish flag formation that may indicate a price increase. Experts highlight key support and resistance levels.
Bullish Flag Formation
Pudgy Penguins' token, PENGU, is trading near $0.034, with a 24-hour decline of 12% and a weekly decline of 9%. Trading volume stands at $1.13 billion. On the 4-hour chart, the asset has formed a bullish pennant, consisting of a sharp upward move, known as a flagpole, followed by consolidation inside converging trendlines.
Market Capitalization Levels and Price Range
Crypto analyst K A L E O noted that PENGU is trading under its previous all-time high of $0.068. The token experienced a long decline before breaking two descending trendlines and entering its current range. The next market cap levels are $0.19 for a $10 billion valuation and $1.10–$1.50, aligning with Dogecoin’s last peak near $100 billion.
Signals of Potential Breakout
Analyst Ali Martinez also reported that the TD Sequential indicator has issued a buy signal. The setup shows the trendline holding as support, a bullish divergence on the RSI, and price moving along the lower edge of its channel. Consequently, these technical conditions align with the bullish flag structure, indicating a potential target of $0.110 if an upward breakout occurs.
The current situation with the PENGU token indicates the presence of a bullish flag and significant resistance levels. Given the current market conditions, participants should watch the situation closely.
