Pudgy Penguins has flipped Dogecoin in trading volume on the largest Korean-based exchange, Upbit, adding fuel to a potential 200% move on the near-term Pengu price outlook.
Up more than 200% over the past month, the meme coin has been one of the top beneficiaries of a fresh wave of retail liquidity driven by rising altcoin season sentiment, but now appears to consolidate.
Markets turn to the June 30 FOMC meeting. While 97% expect no change to interest rates, optimism lingers that the anticipated September rate cut could be pulled forward and revive inflows for risk assets.
PENGU Flips DOGE: Is a 200% Move Now in Sight?
Pudgy Penguins has overtaken Dogecoin on Upbit, recording over $96.7 million in 24-hour trading volume as demand surged among Korean traders.
Popular pseudonymous X analyst Cas Abbé highlighted the shift as part of a broader comeback story, citing a textbook Elliott Wave setup.
After completing its third wave with its recent peak, the current correction marks the fourth wave before PENGU likely enters its fifth and final wave toward higher targets.
According to Abbé, PENGU just completed its third wave with its recent peak, and the current pullback marks the fourth—a healthy correction before its fifth and final leg toward higher targets.
The analyst project a Wave 5 target of $0.117, a potential 65% gain from current levels, though they note this could extend up to 200% over the next two months as the bull market matures.
For this outlook, he notes untapped TradFi demand with a spot PENGU ETF awaiting SEC approval, made more likely with the CLARITY Act expected as soon as September.
Pengu Price Analysis: When Will Wave 4 Bottom?
Zooming in, a reversal could be underway as the Pengu price retests the support trendline that has guided lows since early July.
PENGU / USDT 4-hour chart, symmetrical triangle. Source: TraidingView, Binance.A new resistance trendline formed by the recent top now creates a symmetrical triangle pattern, making the current retest a likely Wave 4 bottom that could give way to a breakout into Wave 5.
This setup is supported by the RSI approaching a familiar reversal zone around 44, the level where buyers have stepped in throughout the uptrend.
More so, the MACD line remains below the signal line, but the histogram is beginning to level out, indicating weakening sell pressure and a potential window for bulls to regain control.
If demand returns, the current retest of the 0.738 Fibonacci level at $0.034 as support could act as a launchpad for a breakout.
The immediate hurdle is the previous peak at $0.040, which must be reclaimed to rule out a false breakout.
A move past that could open the door to the next resistance at $0.0665, a 67% gain on the path to the $0.117 target noted by Abbé.
A 200% Gain Likely Hinges on an ETF – Here’s How to Make Faster Gains
Gains are limited for large meme coins like Pengu. Explosive breakouts often require perfect market setups and catalysts like ETFs, so holders spend most of their time waiting.
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