Key Insights:
- PENGU price forms short-term support near $0.0154, setting up a possible breakout move.
- Traders eye $0.0213 as the next resistance zone if price maintains strength above support level.
- ETF sentiment leans bearish with 96.3% saying approval before December is unlikely.
Pudgy Penguins (PENGU) was trading at $0.01516. The token is down 5.25% over the past 24 hours but remains up 5.8% for the week. Daily trading volume is at $177.9 million, showing continued activity.
Price was holding around a key short-term support range between $0.0146 and $0.0154. This zone has held several times in recent sessions and is now forming the base of a possible move higher.
Price Consolidation at Support Zone
After a drop earlier in the week, PENGU has found support between $0.0146 and $0.0154. The chart shows a series of higher lows, which points to early strength. A short-term ascending channel has formed, keeping the price within a tight range.
BullishBanter posted that this zone may act as a good entry level if it holds. “If it holds, we could see a move up to $0.0190–$0.0213,” the post read. The price target reflects a move of nearly 18% from current levels.
Target Zone Between $0.0190 and $0.0213
On the chart, the target area sits between $0.0190 and $0.0213. This is where price may run into resistance if the support level holds and momentum continues. A clear arrow in the chart outlines a potential rise followed by a rejection near the top of the zone.
As long as price stays above $0.0146, the short-term structure remains intact. A break below that level would change the setup and remove the case for upside.
ETF Prediction Market Heavily Favors Delay
While the chart looks constructive, the prediction market around the Canary PENGU ETF is leaning the other way. On Myriad Markets, 96.3% of traders believe the ETF won’t be approved before December 1, 2025. More than $5.22 million has been traded on this outcome.
MaeveKnows questioned the odds of early approval: “No way the Canary $PENGU ETF will actually be approved by December, right?” Many traders agree, pointing to slow SEC progress and a lack of updates.
Technical Setup vs Regulatory Uncertainty
PENGU’s chart suggests a possible move higher. The support zone is holding, and targets are clearly marked. But ETF approval delays are weighing on sentiment, keeping some traders cautious. The next move will depend on whether price holds its base — and whether news changes the landscape.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/pengu-finds-support-is-a-breakout/