Traders Are Watching Pudgy Penguins (PENGU) Price Closely – Here’s Why the Next Move Matters

PENGU price just made a move on the charts, climbing more than 20% in a single day. The setup looks solid, but now traders are watching to see if the rally has enough momentum to continue.

A new PENGU chart shared on TradingView shows the token breaking out of a long consolidation phase and heading straight for a key resistance area

Support Holds as PENGU Climbs Steadily

For most of March and April, PENGU price was drifting lower, eventually finding a bottom around the $0.006–$0.008 range

That zone turned into a reliable support area, with buyers stepping in every time price dipped. Since then, the PENGU chart has been forming a series of higher lows along a rising trendline, showing clear upward momentum.

The 50-day simple moving average (SMA), now sitting near $0.012, has played a big role too. After PENGU price broke above it in late April, the line has held a dynamic support level

There have also been two clear break-of-structure points, one in May around $0.018 and another earlier this month near $0.0155, both marking a shift in direction as price pushed through previous highs.

PENGU Price Testing the Next Barrier

PENGU recent breakout has been fast and aggressive. Three large green candles have driven the price to $0.023, and puts it just under a resistance zone between $0.025 and $0.026

That area served as a supply zone back in April and is now the next big hurdle. If buyers can break through and close above it, the next target could be somewhere around $0.03

But a pause or pullback wouldn’t be surprising either, especially if volume doesn’t support the move. For now, the trend is still intact, as long as PENGU price stays above the SMA and rising trendline.

RSI Hints at Overheating

Momentum is high, but so is the Relative Strength Index (RSI), which now reads above 80. That’s deep in overbought territory

Back in May, a bearish divergence in the RSI preceded a correction. In June, a bullish signal came before this current surge.

Source: TradingView.com

With the RSI stretched again, traders are keeping an eye out for signs of a cool-off. If PENGU price pulls back, support could come in at the trendline or the 50-day average.

Read Also: Here’s Why Pudgy Penguins (PENGU) Price Is Pumping

PENGU Structure Remains Bullish Above Key Levels

PENGU trend remains bullish. As long as the token holds above key support levels, the setup favors continued upside

But if PENGU price loses those zones, eyes may shift back to the lower demand range. For now, the momentum is real, and the $0.025 level could be the next big test.

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The post Traders Are Watching Pudgy Penguins (PENGU) Price Closely – Here’s Why the Next Move Matters appeared first on CaptainAltcoin.