Pudgy World Turns Pudgy Penguins Into a Mainstream Web3 Game — Here’s How
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Key Takeaways
Pudgy Penguins (PUDGY) trades below the $0.043 horizontal resistance.
The PENGU price broke out from a descending wedge pattern.
Has PENGU reached a bottom, or will the price fall to new lows in September?
Pudgy Penguins (PENGU) is showing signs of strength again after a tough few weeks.
The token has been fighting to reclaim key resistance levels, with recent price action hinting that a bottom might already be in place.
At the same time, significant developments around the project are keeping it in the spotlight.
Let’s examine the price action to determine what lies ahead.
Pudgy Penguins News
The Pudgy Penguins token project burned over $357 million worth of tokens, while its holders surged past 868,000.
Its mobile game Pudgy Party hit 500,000 downloads just two weeks after its release. It was developed in collaboration with Mythical Games, which constantly releases new game updates.
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With its market cap topping $2 billion and a 780% price surge this year, Pudgy is cementing itself as a top crypto brand, even though a new rival, Pudgy Pandas,is emerging in Asia.
Pudgy Penguins Price Analysis
The Pudgy Penguins price nearly reached a new all-time high on July 23, but failed to do so by less than 2%.
PENGU has fallen considerably since, validating the $0.043 horizontal resistance area.
Pudgy Penguins reached a low of $0.027 on Sept.1 but bounced afterward, breaking out from a descending wedge on Sept. 8.
The wedge breakout indicates that the Pudgy Penguins price has bottomed and will gradually move to a new all-time high.
The fact that PENGU reclaimed the $0.033 horizontal area only adds to the bullishness.
If Pudgy Penguins creates a higher low, it could quickly surge to the $0.043 resistance area.
What is slightly worrying is that the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are neutral, but the rest of the PENGU prediction is bullish.
What’s Next for PENGU?
Like the price action, the wave count suggests that PENGU will reach new highs soon.
According to the count, Pudgy Penguins completed wave four in a five-wave upward movement, which will take it to $0.058.
The target is found by wave four’s 1.61 external Fibonacci retracement, and constitutes a new all-time high.
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.
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.
