Key Takeaways
- A crypto expert shared a bold prediction, noting that Pudgy Penguins (PENGU) could soar to $0.13 in the future, given certain conditions.
- Price action indicates that the meme coin is in an uptrend and has the potential to rise by 22%.
- On-chain signals support a bullish outlook, with Nansen reporting that smart money inflows are 6.3× above average and whales continue accumulating.
Pudgy Penguins (PENGU) saw a remarkable 300% recovery during Friday’s market crash, and now an expert predicts the market could witness another similar rally. Today, a well-followed crypto expert shared a post on X, noting that if the PENGU price holds above the $0.023 level, it has the potential to soar significantly and may reach the $0.13 level.
Expert Bullish View and Current PENGU Price Momentum
The post on X included a weekly chart showing PENGU’s longest wick. However, the expert noted that if the market strips out the noise, the meme coin still maintains a bullish structure. The shared chart suggests that PENGU has formed a bullish flag-and-pole pattern, with the price currently hovering near the lower boundary of the flag.
According to the latest TradingView data, PENGU is currently trading at $0.02640, up 2.80%. Despite the price uptick, market participants appear hesitant, as evident from the trading volume, which has dropped over 25% to $495 million in the past 24 hours, according to CoinMarketCap data.
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PENGU Technical Outlook: Key Levels to Watch
Despite weak market participation, PENGU’s price action appears bullish and is poised for an upward rally. On the daily chart, the meme coin seems to be forming a bullish flag-and-pole pattern, with the price currently hovering near the lower boundary of the flag, hinting that an upside rally may be on the horizon.
However, with today’s price uptick, PENGU has reached near the two-day high. If the current momentum continues, there is a strong possibility that the meme coin could see an upward move of over 22% and may reach the $0.0323 level in the near future.
So far, PENGU has remained above the 200-day Exponential Moving Average (EMA) on the daily chart, indicating that the meme coin is in an uptrend. Additionally, its Average Directional Index (ADX) has reached 25.23, signaling strong directional momentum, which is currently bullish for PENGU.
PENGU’s On-Chain Hints Bullish Signal
Adding to the bullish sentiment, today, the crypto AI research team Nansen shared a post on X explaining why PENGU’s price is soaring and why its upward momentum could continue in the coming days.
In the post on X, they shared that smart money has shown a strong interest in the meme coin, with money inflows 6.3× above average. They also noted that whales are on a buying spree, exchanges are seeing net outflows, and the top holders do not appear to be selling their PENGU holdings.
All these metrics strengthen PENGU’s bullish outlook and hint that a potential upside rally is on the horizon.
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