Pengu Price Eyes Key Rebound as $0.025 Support Holds Firm

Pengu Price Eyes Recovery After Sharp Drop to $0.031

Pudgy Penguins was trading at 0.031 as of press time, down 2% in the past 24 hours. Pengu price has currently declined by 12.55% in the last seven days and is approaching a crucial support area at $0.025.

The token had earlier reached a high of $0.047 before the pullback, after a robust rally in late June. The recent action resembles the one in May, which suggests a repeat pattern.

Analyst Predicts Pengu Price Recovery

Crypto analyst Ali posted a chart indicating PENGU price re-entered a consolidation range of $0.026 to 0.042. It is a healthy correction, according to his opinion, and not a breakdown.

https://x.com/ali_charts/status/1957362834029060338

He anticipates that the token price should stabilize around $0.028 and begin a new bullish leg. The technicals indicate that the token may take a small sideways move and rally above $0.10 should buyers resume.

ETF Filing and Asia Growth May Boost Price

PENGU is part of an ETF application that is awaiting approval by the U.S. SEC and is backed by the Chicago Board Options Exchange (CBOE). The fund would distribute 80-95% to PENGU tokens and the remaining to Pudgy Penguins NFTs.

It would be the first ETF to integrate a meme coin with NFTs and could open up new institutional capital. The ETF is regarded as a significant bullish factor for pengu price momentum in the medium term.

At the same time, the brand is expanding its presence in Asia, and the growth there has been particularly strong in China and South Korea. The availability of the token in conventional markets enhances awareness and can support higher trade volumes.

The Pudgy Penguins toys are also selling in leading retail stores in the U.S., including Walmart and Target. Such sales are bringing millions to the company in terms of revenue and expanding brand awareness, which can further contribute to the performance of tokens.

The market data suggests a conservative recovery where the volume increased by 6.22% to $1.18B, and open interest increased by 1.91% to $342.60M. In the meantime, the funding rates are largely neutral, indicating an equal bullish and bearish attitude between long and short positions.

Source : X

There was also a perfected buy signal on the daily chart by the TD Sequential indicator. Momentum indicators are also bottoming, which could support the analyst forecasts of an imminent rebound.