Pudgy Penguins (PENGU) is experiencing a significant rise, driven by unexpected support from Justin Sun, founder of Tron. This price increase is accompanied by new forecasts and growing interest from institutional investors.
Justin Sun's Support and PENGU's Rise
On July 14, Justin Sun shared an intriguing illustration on X (formerly Twitter) of a penguin styled after himself, wearing a TRON-printed t-shirt. His message, "*OK. Everyone has become a penguin*", sparked a viral wave in the crypto community.
The Pudgy Penguins community responded enthusiastically, quoting Sun's post with, "*Everyone will Huddle*". This interaction triggered a buying frenzy, leading to a 31% rise in PENGU within hours.
Technical Indicators and Forecasts
The current chart for the PENGU token reveals a bullish setup. The token is trading in a recovery move supported by a key support zone defined by the convergence of 50, 100, and 200-day simple moving averages (SMAs)—all located between $0.011 and $0.013.
The RSI index confirms this positive momentum with a series of ascending highs and lows, signaling renewed investor confidence. Analysts suggest that, if buying pressure strengthens, PENGU could hit the 50% Fibonacci retracement level at $0.036.
The Future of PUDGY PENGUINS and Institutional Investments
Justin Sun's public support lends legitimacy to PENGU. Pudgy Penguins is positioning itself not merely as a passing memecoin but as a crypto asset worthy of investors' attention. The recent acknowledgment from the SEC regarding the PENGU Spot ETF filing is a significant step toward potential broader institutional acceptance of the token.
With the current technical indicators and support from prominent figures, Pudgy Penguins attracts attention from investors and observers alike. The community is active, and analysts predict further growth opportunities in the future.
