PENGU Activity Spikes: What’s Driving the Buzz?

PENGU forms a bullish cup and handle pattern as whale activity increases and partnerships grow. A break above $0.045 could fuel the rally.

Pudgy Penguins (PENGU) is turning heads in both technical charts and on-chain data. Crypto analyst Ali Martinez outlined several signals that indicate the token may be preparing for a move. The current price stands at $0.022 at the time of writing, reflecting a 5% gain over the past 24 hours. Trading volume reached $223 million during the same period.

While the token saw a small dip this past week, broader activity around the asset is showing signs of renewed momentum.

Technical setup points to Breakout Zone

The chart shows that PENGU is forming a cup-and-handle pattern, which is often seen preceding upward price movements. The basic support around $0.0174 has held and the price has been slowly rising from that area. An important resistance level is at $0.045. If the value breaches this level, it could open the way for targets near $0.08, $0.114, and possibly $0.185, based on previous Fibonacci-based projections.

Analyst Ali Martinez noted That “everything is set for another bull rally”, referring to the alignment between real traction and technical structure.

Meanwhile, the team behind PENGU recently announced partnerships with DreamWorks’ Kung Fu Panda and Invariant, a Washington-based policy firm. The project has also been mentioned by Jefferies, one of the largest investment banks, in its broader coverage of digital assets.

Moreover, the brand is expanding. More than 1 million Pudgy Penguin toys have been sold worldwide. The mobile game Pudgy Party has surpassed 900,000 downloads. The brand was also featured at a film awards ceremony in South Korea, and an ETF application is currently under review.

Indicators show a shift in momentum

On the daily chart, the Bollinger Bands have tightened, showing lower volatility. This setup often precedes a price movement. PENGU recently bounced out of the lower band around $0.01708 and is now trading near the 20-day average at $0.023. For momentum to grow, the price would need to challenge the upper band near USD 0.029.

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MACD data also turned positive. A bullish crossover has occurred, with the MACD line crossing above the signal line. The histogram is now green, a common sign that momentum is shifting.

Futures and on-chain data support this vision

According to Coinglass data, open interest in PENGU futures is $122.36 million. This is down from July’s peak above $650 million, but activity has remained steady in recent days. The current level indicates that some traders are starting to rebuild their positions.

Data from CryptoQuant shows that orders for large whales have increased again. Since early October, whale-sized trades have clustered between $0.02 and $0.03. These levels are consistent with previous accumulation zones earlier this year.

This activity could provide support near current prices, especially if big buyers remain active as the asset approaches key resistance.