Key Takeaways
- PENGU demonstrates bullish price action following a strong market rebound around $0.035.
- PENGU’s price action remains bullish despite the market suffering a minor retracement over the weekend.
- PENGU gains strong price prediction of $0.1 and $1 respectively as Solana memecoin rallies in style.
The past few days have seen the cryptocurrency market take a breather following a strong market uptrend to new all-time highs of Bitcoin and altcoins rallying hard behind Ethereum as the price continues to rise higher.
Pudgy Penguins (PENGU) has demonstrated strong bullish price action following its price breakout above $0.045, as the price rallied by over 300%, becoming the most bullish crypto asset in July and gaining much attention from crypto traders and investors.
While PENGU’s price action remained bullish, the price suffered a brief price retracement after a prolonged bullish rally towards $0.035, acting as key support for the price. With such bullish price action, can the price of PENGU replicate a strong rally towards $0.1 in the coming weeks?
PENGU’s Market Sentiment
Pudgy Penguins (PENGU) has been one of the best-performing crypto assets in recent weeks, outperforming many memecoins as the Solana memecoin continues to gain strong market confidence among traders and investors.
Top crypto experts, Kaleo, according to his X post regarding PENGU, the price of PENGU remains extremely bullish, stating, PENGU’s price action is one of the easiest bets for memecoins in the coming months.
Kaleo further stated that memecoin has dominated the space for years now, and capital could easily be rotated back into memes. The top likely memecoin spoken about is PENGU, as the price continues to attract whales and investors.
Also, crypto on-chain analyst Ali Martinez hinted at a clear textbook pattern formed by PENGU as the price is expected to breakout to the upside with bullish price actions to potential new all-time highs.
Following such bullish market price action, how then is PENGU developing based on price analysis?
Why is PENGU up Today?
PENGU Price Chart – Source TradingView
The price of PENGU on the daily price chart looks strong following recent price reaction from its key demand zone of $0.035, as the price looks set for a potential price rally to the upside with strong bullish targets expected to be new all-time highs.
While the price of PENGU sees a strong bullish reaction around $0.035, the price of PENGU could face a stiff rejection around the previous highs of $0.045. If the price of PENGU breaks above this zone, it could see a continuous market rally to $0.1 potentially.
If the price trades lower than its support zone, we could see lower price points for PENGU. However, overall market sentiment for PENGU is bullish.
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