PENGU Price Takes a Breather: Analysis Reveals What's Next

Key Takeaways

Pudgy Penguins (PENGU) broke out from a descending parallel channel.
The PENGU price has nearly reached its May high of $0.0175.
Will PENGU move to new highs, or is an initial correction due?

Starting on June 22, PENGU doubled in less than a week, but failed to break out above its May highs. The imminent release of the new Pudgy Penguins game is a positive catalyst for future trends.

With a clean breakout from its downtrend and a positive wave count, this PENGU price analysis determines whether the next explosive move is just starting.

PENGU Price Analysis

While PENGU fell inside a descending parallel channel for a month, it regained momentum on June 22.

After bouncing at the channel’s support trend line (green icon), PENGU rallied 125%, nearly breaking its May high of $0.0175.

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However, momentum gradually waned, leading to four successive bearish daily candlesticks.

Nevertheless, PENGU is attempting to find support above $0.0145 and begin the next leg of its upward movement.

While the price action is positive, technical indicators show weakness. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are falling.

PENGU Breakout — PENGU/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView

Despite the decline, they still trade above their bullish thresholds at 50 and 0, respectively, which suggests the trend is still bullish.

So, the daily time frame analysis is cautiously optimistic, especially if the price of PENGU confirms the $0.0145 horizontal area as support.

Massive PENGU Surge?

The wave count gives an extremely bullish PENGU coin prediction, aiding the proposed increase from the price action.

PENGU’s wave count shows a completed five-wave upward movement starting in April (green).

Then, it shows another five-wave rally that led to the channel breakout.

PENGU Count — PENGU/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView

Since the latter did not break the former’s high, wave one is likely in a longer-term five-wave upward movement.

While the exact bottom of wave two may vary from the current price to $0.0125, another rally is likely.

The most likely target for the top of wave three is at $0.0303, while wave five can take the PENGU price to a new all-time high.

Bullish PENGU Trend

While momentum has cooled, the broader trend for PENGU remains bullish, especially if $0.0145 holds as support.

The wave count aligns for another major leg up.

A breakout toward $0.030 and possibly a new all-time high may be a matter of time.

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Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

[email protected]

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