Pudgy Penguins (PENGU) has gained more than 12% over the past 24 hours, joining a broader rally across the meme coin sector. The token is now showing multiple bullish technical signals that analysts say could indicate a larger move ahead.
Technical Indicators Align
According to analyst Ali Martinez, PENGU's weekly chart displays several positive formations. The Bollinger Bands have tightened together, suggesting a period of reduced volatility that often precedes a significant price movement.
Additional indicators are turning bullish. The Tom DeMark Sequential has flashed two buy signals on the weekly timeframe: first a 9 setup, followed by a Combo 13 signal. Martinez noted this combination could signal the start of a new bullish countdown. The Parabolic SAR has also turned bullish, with its dots positioned below PENGU's price, suggesting the current trend is strengthening. The SuperTrend indicator has issued a buy signal as well.
Price Targets
PENGU is currently trading at $0.00897 within a parallel channel. Martinez identified the first major resistance level at around $0.025. A breakout and sustained move above this level could push the token toward $0.045, which would represent approximately 400% upside from current prices. The analyst noted that a previous SuperTrend buy signal was followed by a 1,156% rally, though past performance does not guarantee similar future results.
Broader Meme Coin Strength
The gains in PENGU reflect strength across the wider meme coin market. Over the past day, PEPE climbed more than 25%, dogwifhat (WIF) rose nearly 20%, and BONK jumped over 16%. Dogecoin (DOGE) gained more than 12%, while Shiba Inu (SHIB) posted modest gains around 7%.
