Pudgy Penguins has exploded back to life after weeks of consolidation with a dominant 14% rally to reclaim its spot as the day’s top crypto gainer..
Currently trading at $0.03836 with over $2.4 billion market capitalization, PENGU has now made its way into the top 50 cryptocurrencies in the market.
Analysts are now building cases on the continued institutional exposure of the PENGU brand and market technicals to eye a 40% breakout to a new all-time high above $0.06.
Wall Street Discovers Pudgy Penguins
On September 17, New York-listed company Bullish displayed Pudgy Penguins & $PENGU to its high-net-worth investors in its Q2 earnings report and call.
The institutional exposure of the Pudgy Penguin collection has been adding to the PENGU memecoin appeal in recent times.
NFT Maxi and investor at Shards protocol noted that Pudgy Penguins has now been the only NFT/memecoin project that’s consistently being featured by Wall Street ventures.
In June, the Solana-based memecoin captured Bitcoin-level attention, generating an average of 850 million daily internet interactions across Tenor and Giphy platforms.
The viral expansion strategy also saw Pudgy Penguins serve as the crypto mascot for the NASDAQ opening bell ceremony alongside VanEck.
PENGU has also been featured at Walmart, arcades, ETF commercials, gaming, and TV shows.
At the end of August, PENGU announced that their Pudgy Party mobile game is now live on the App Store and Google Play Store globally.
In less than 30 days, the game has recorded over 100,000 downloads with a 4.1 rating, earning it an Apple “New Games We Love” tag on the App Store.
The inclusion of PENGU and Pudgy Penguins NFTs in Canary Capital’s ETF filing, which began in late March, has introduced additional upside catalysts, potentially expanding the token’s appeal to traditional investment vehicles.
Crypto analysts have now revealed that PENGU has triggered a bullish retest to resume its rally to around $0.09, which is about 150% from current price levels.
Technical Analysis: PENGU Breakout Setup Eyes 67% Rally to $0.065
On the technical side, the PENGU/USDT chart reveals an Elliott Wave pattern with a completed 5-wave impulse structure from the initial low, followed by what appears to be a corrective ABC pattern that bottomed around the $0.030 level in September.
Source: TradingViewThe wave count indicates this could be the beginning of a third wave within a larger degree impulse, which typically represents the strongest and most extended moves in Elliott Wave theory.
The projection lines show potential targets, with the most conservative target around $0.051 representing approximately 31% upside from current levels, while the more aggressive projection extends toward $0.058, offering roughly 49% potential gains.
This bullish outlook gains additional support from the formation of a well-defined bullish pennant pattern that emerged following the July peak at $0.046.
Source: TradingViewThe pennant structure typically signals continuation of the prior uptrend, and the measured move from this formation projects a target toward the $0.065 level, representing approximately 67% upside potential from current levels.
The wave relationship and Fibonacci extensions support these higher targets, particularly given that third waves often extend 1.618 times the length of the first wave, while the pennant breakout would provide additional confirmation of the bullish trajectory.
The post Pudgy Penguins Leads Crypto Rally with 14% Daily Gains – PENGU 40% Breakout Next? appeared first on Cryptonews.
