Pudgy Penguins breaks out above $0.028 – PENGU’s ATH on the way?

• An inverse head-and-shoulders breakout pushed PENGU toward $0.028, signaling renewed bullish momentum.
• Funding Rates at 0.0135 and $430M trading volume showed that the memecoin could reach a new ATH soon.

Pudgy Penguins [PENGU] has shown a bullish breakout after forming an inverse head-and-shoulders pattern, a reliable technical indicator of potential trend reversals. 

This pattern is visible on the chart through three troughs: the left shoulder, head, and right shoulder.

The breakout occurred above the $0.028 resistance level, marking a key milestone in confirming upward momentum.

The $0.028 level, previously a resistance zone, now acts as support, with traders closely monitoring its ability to hold. A retest and successful defense of this level could strengthen the token’s rally. 

The breakout was accompanied by a spike in trading volume, showcasing increased market confidence and buying pressure.

Source: TradingView

Growing interest in PENGU

PENGU’s 24-hour trading volume has surged to $430.56 million, representing a 27.50% increase, according to Coinglass.

This increase in activity reflected growing interest in the token, likely driven by the breakout and ongoing rumors of an Abstract airdrop for PENGU holders.

The memecoin’s market capitalization was $1.55 billion at press time, with a circulating supply of 63 billion tokens. 

Despite the bullish momentum, PENGU has seen a 27.06% decline over the past seven days, showcasing both market enthusiasm and short-term volatility.

Positive sentiment on the rise

Aggregated Predicted Funding Rates for PENGU stood at 0.0135 at press time, favoring long positions. Between the 11th and the 18th of January, Funding Rates consistently rose, peaking at 0.03 before stabilizing above 0.01. 

This trend indicates sustained optimism among traders, even as Funding Rates experienced minor pullbacks after the peak.

Source: Coinalyze

Open Interest for PENGU has also increased by 10.52% to $174.19 million, suggesting that traders were positioning for further price movement. 

These metrics pointed toward a continued bullish outlook, supported by the reclaim of key technical levels.

Can PENGU reach a new ATH?

PENGU’s press time price was $0.02464, reflecting a 4.58% increase over the last 24 hours. However, it remained below the critical $0.028 resistance level mentioned by crypto analyst Cas Abbé, who noted, 

“If that happens, the $PENGU rally will start again, and it could hit a new ATH within a few weeks.”

Read Pudgy Penguins’ [PENGU] Price Prediction 2025–2026

With strong community backing, over 100K holders, and Tier-1 exchange listings, PENGU remains positioned for potential growth.

However, maintaining momentum will require sustained trading volume and support at key levels. Traders are closely watching for a retest of $0.028 as the next step toward all-time high levels above $0.035.