Pudgy Penguins (PENGU) is showing signs of recovery as analysts point to a possible trend reversal and a double-bottom formation. Buyers are defending key support, while price approaches major resistance. A breakout could strengthen the bullish setup and support further upside, but losing support would put the recovery under pressure.
As of now, according to CoinMarketCap data, PENGU is trading at the price of $0.009574, down 0.67% on the day despite a 58.8% increase over the past week.
PENGU Price Could Target $0.043 After 89% Correction
According to a prominent crypto analyst, Crypto Patel, PENGU is showing signs of a potential long-term turning point after suffering an almost 89% decline from its previous macro peak near $0.047. The sharp correction has brought the token toward the $0.0055 area, which has emerged as a key support zone on the higher-timeframe chart.
PENGU is approaching a major bearish order block between $0.0085 and $0.0098, while a descending trendline continues to pressure the broader trend. The earlier double-top formation further fueled the long-term decline, leaving $0.0099 as a crucial threshold for a possible shift in the trend.
The setup has gained attention after PENGU recently recorded a 75% rise within three weeks, suggesting that buying interest may be returning. If the token can break above $0.0099 and successfully retest that level as support, the chart could shift toward a more bullish structure. However, losing the $0.0055 support on a sustained basis would weaken the reversal case.
If PENGU confirms a higher-timeframe breakout, the analyst’s projected upside levels stand at $0.015, $0.028, and $0.043. Reaching the highest target from the current setup would represent a substantial gain and would bring the token close to its previous macro high. In the meantime, traders are watching the $0.0085–$0.0100 resistance zone and $0.0055 support for confirmation.
Can PENGU Break $0.010 and Target $0.043 Next?
However, another analyst, Crypto With Gopal, has highlighted a separate bullish setup in PENGU’s price structure, pointing to a possible double-bottom pattern around the $0.0055–$0.006 support zone. Buyers have defended this area twice, suggesting that selling pressure could be easing and market sentiment may be starting to improve.
PENGU has since moved higher and is now approaching the $0.010 resistance level. A confirmed breakout and reclaim of this zone could strengthen the double-bottom structure and open the door for a move toward $0.023, according to the analysis.
If buying momentum continues beyond that level, the analyst sees $0.043 as a larger upside target. However, this bullish outlook depends on a confirmed breakout, while the repeated defense of the $0.0055–$0.006 support zone remains an important part of the current setup.
