Pudgy Penguins Swims Into Music—Can Its PENGU Token Ride the Wave?
NFT heavyweight Pudgy Penguins just dropped a beat—launching its own music label as the PENGU token flirts with a breakout. Who said crypto can't have rhythm?
The move blurs lines between digital collectibles and entertainment—because why settle for JPEGs when you can soundtrack the apes-and-penguins metaverse?
Traders eye PENGU's chart like starving seagulls. Will this be the altcoin's moment, or just another 'web3 innovation' destined for the discount bin? Only volatility knows for sure.
Source: @PudgyRecords
The price of PENGU memecoin showed little reaction to the news, slipping 4% over the past 24 hours and currently trading at $0.0096, below its EMA 20. However, early bullish signals have emerged, suggesting that a potential breakout could be on the horizon.
Looking at the 4-hour chart, PENGU memecoin‘s price has been forming lower highs and lower lows since mid-May, but the slope of the decline is beginning to contract, forming a descending wedge pattern.
Momentum indicators are also beginning to reflect early signs of strength. The RSI, which had been trending in oversold territory, is curling upward and hinting at bullish divergence. At the same time, the MACD is flattening with the signal and MACD lines converging, which could lead to a bullish crossover on the upcoming candles. Price is also edging towards the 20 EMA, which often flips from resistance to support during trend reversals.
If the price breaks above the upper boundary of the wedge — currently near the $0.0105 level — with a clear 4-hour candle close and volume expansion, it WOULD serve as a breakout confirmation. The wedge’s height measures roughly $0.0060 (from the top near $0.0150 down to the bottom near $0.0090). Applying this measured move to the potential breakout point around $0.0105 projects an upside target close to $0.0165, which represents 70% from the current price level of $0.0096.
If the price fails to hold above $0.0089 — the most recent swing low — the bullish setup would be invalidated. If that happens, sellers could potentially drag the price down toward $0.0075 or even $0.0060, both of which represent key levels. These zones previously acted as rejection and accumulation areas, with $0.0060 serving as the launchpad for a sharp rally in late April.
