PENGU at Key Support, Is a 30% Breakout to $0.027 Next?

• PENGU trades near major support, with technical setup hinting at a potential short-term rally.
• A breakout above $0.0222 may trigger a move toward $0.027, offering 30% upside potential.
• RSI remains weak, but accumulation zone and volume patterns suggest a possible shift in trend soon.

Pudgy Penguins ($PENGU) was trading at $0.02092 after falling 8.7% in the past 24 hours and 13% over the past seven days. The price is sitting near a known support level between $0.0200 and $0.0215. This zone has shown repeated interest from buyers over the past few months.

This area also aligns with the lower Bollinger Band, a level that has been tested multiple times. Past price behavior shows that bounces from this region often lead to short-term rallies. Traders monitoring the current range are focused on whether support will continue to hold over the coming sessions.

Chart Pattern Suggests Possible Breakout

On the hourly chart, $PENGU is moving within a descending triangle. This setup shows a series of lower highs pressing against a stable support level near $0.0200. While this pattern is often seen during downtrends, some traders are watching for a shift in direction if the price breaks above the descending trendline.

The resistance level is currently near $0.0222. If broken with strong volume, the next area of interest lies at $0.027, representing a 30% move from the current price.

One analysis notes:

“If the breakout occurs above the resistance, it may reach the $0.027 target quickly.”

Long-Term Averages and Market Position

On the daily chart, $PENGU is below its 50-day moving average and close to the 200-day line. The shorter moving average is trending downward and may now act as resistance. The 200-day moving average remains upward-sloping, suggesting support in the broader trend.

Relative Strength Index (RSI) stands at 36.35. It remains under its signal line and has not crossed above the 40 mark, a zone that often signals a shift in momentum. The token is currently trading around 60% below its initial listing price of $0.035 and far below previous highs reached earlier in the year.

Risk and Reward Levels Attract Accumulation Interest

A recent post by International Intelligence Network points to $0.021 as a key entry level based on risk and reward. A chart shared in the post shows a support zone below current price and a target range up to $0.034. This setup offers a wide upside, while defining risk at around 25% to the downside, near $0.0155.

The chart also marks this region as an where volume has increased in earlier periods. While current market action remains cautious, this range is being watched closely. One user commented:eferring to the lower price range where buying has reappeared in previous cycles.