- $PENGU trades above $0.0354 support within a bullish flag pattern.
- ETF filing under SEC review boosts breakout potential.
- Fibonacci projections set targets up to $0.1109.
Pudgy Penguins ($PENGU) is consolidating in a bullish flag pattern after a strong mid-July rally, with technical structure and market catalysts aligning for a possible surge toward $0.11.
Bullish Flag Signals Possible Breakout
The 4H chart shows $PENGU tightening between converging trendlines after a rise from $0.0145 to $0.045. Price remains above the 0.786 Fibonacci retracement at $0.0354, indicating buyers are defending this zone.
Ali @ali_charts observed that a break above $0.038–$0.042 could trigger momentum buying, targeting $0.0617, $0.0726, $0.0916, and $0.1109 based on Fibonacci extensions. The narrowing range and lower volatility indicate a potential strong move ahead.
ETF Filing Review Lifts Market Sentiment
A tweet from Ali referenced an ETF filing for $PENGU currently under review by the US SEC. Market participants view this as a potential liquidity driver if advanced.
The filing has amplified speculative interest, complementing the bullish technical setup and attracting traders awaiting confirmation of a breakout.
Price Action and Support Levels
$PENGU trades at $0.03694 with a 24-hour volume of $716,873,321, up 5.03% over the past day and 10.47% in a week.
If the $0.0354 support fails, the next critical zone lies at the 0.618 Fibonacci retracement level of $0.0292.
