The Pudgy Penguins (PENGU) cryptocurrency has demonstrated significant market activity, with its price rallying 7.8% in the last 24 hours to trade at $0.006722. This surge follows a technical breakout from a falling wedge pattern, a bullish chart formation indicating that selling pressure has exhausted and buyers have taken control.
Before the breakout, PENGU exhibited resilience by holding key horizontal support levels, which preceded a sharp 17.36% gain. This February "waddle back" rally highlights the token's ability to perform even amidst broader market weakness.
Fundamental catalysts are supporting the move. The launch of the Visa-powered Pengu Card has added tangible real-world utility to the PENGU token, extending its use case beyond pure speculation. However, this positive development has been partially offset by regulatory delays affecting a PENGU-linked NFT ETF, which has slowed the anticipated inflow of institutional capital.
From a technical standpoint, the token remains below all major moving averages, but the Relative Strength Index (RSI) has confirmed the rebound after reaching oversold territory. Traders are now closely monitoring the immediate resistance at $0.006930. A sustained break above this level could propel PENGU toward the $0.0075–$0.0079 range in the short term. Historically, $0.00783 has acted as a major resistance level, with moves above it potentially opening the path to higher targets at $0.0115 and $0.0141.
On the downside, failure to maintain momentum could trigger a pullback. Key support levels to watch are $0.00644, $0.00617, $0.00612, and $0.00586. A deeper correction could see the price test $0.0052, representing a potential 22% decline from current levels, with $0.00452 serving as a historical short-term floor.
