After a severe market-wide crash last week, the meme coin PENGU (Pudgy Penguin) has rebounded dramatically, gaining 80% from its low of $0.014 and recording a 13% increase in the last 24 hours. Analyst Ali Martinez shared a weekly chart showing that PENGU remains within a descending channel formed since July, with the flash crash—described as a black swan event or extreme manipulation—causing a long wick below the structure, but the price closed back inside the channel.
Key support at $0.023 is critical; if it holds, a breakout to $0.13 is projected, representing a potential 465% surge based on the channel's height. A separate analysis from CryptoPulse identifies a bullish flag pattern on the daily chart, with the next resistance near $0.032 to $0.034. Technical indicators are turning positive: the MACD has crossed above the signal line, and Bollinger Bands on the 4-hour chart show the price rebounding above the middle band. Market data reveals increased bullish sentiment, with the long/short ratio climbing from below 0.80 to above 1.10, indicating buy volume is outpacing sells.
However, if support at $0.023 fails, the next level to monitor is $0.017. The resilience of PENGU's price structure amid the crash suggests underlying strength, but the outlook depends on maintaining higher lows along the support trendline.
