PENGU Bulls Defend Key Support as Technical and On-Chain Signals Point to Potential Rally

Pudgy Penguins (PENGU) is showing signs of a bullish reversal after a turbulent period, with its price holding strong above the $0.022 support level. Technical analysis reveals a developing cup-and-handle pattern, suggesting accumulation and potential for a breakout above $0.030, which could propel the price toward $0.045. At press time, PENGU traded around $0.0644, up 24.22% in the past day, indicating renewed momentum.

On-chain data supports this optimism, with a 6.3x surge in capital inflows from "Smart Money" and whale holdings increasing by 3.2%. Exchange supply dropped by 8.78%, highlighting accumulation, while Open Interest rebounded to $160 million and volume exceeded $1 billion. Indicators like the Chaikin Money Flow (CMF) at 0.01 and a bullish MACD crossover further reinforce the positive outlook. Historical trends, such as rallies following liquidation resets, add credibility to the potential for short-term gains, though sustainability depends on broader market sentiment.