Pudgy Penguins (PENGU) Eyes $0.0376 Breakout After 17% Weekly Surge

• PENGU has recovered the $0.03101 support by a remarkable week-to-week growth of 17.1%, indicating a fresh wave of confidence among buyers.
• A bullish continuation requires a breakout above the price of $0.0376 that can support the flag pattern formation.
• The next big target is seen to be of $0.10 after the breakout, but it would depend on whether the momentum remains above the point of 0.03398 and volumes confirm this.

Pudgy Penguins (PENGU) entered October on a new wave of bullish momentum following a correction to about critical levels of support. The token currently trades at a price of $0.03197 which is 17.1% more than it was one week ago. According to reports in the market every day the support level is at 0.03101 and immediate resistance is at $0.03398.

The price fluctuation is characterized by a regular bounce off the bottom end of its trade channel, and will indicate that the short-term momentum has the potential of still moving towards higher resistance areas. At the time of writing, PENGU was trading between $0.031 and $0.044, with buyers holding the lowest line. On the 12-hour chart, it is possible to see that the rejections were repeated at the midpoint, which was at around $0.036; this proves the importance of the zone.

In addition, analysts look to see an improvement in the level of trading that could be accompanied by a breakout. Any climb above the $0.0376 would perhaps open the line of the upper limit of about 0.044 and a possible change in the short-term sentiment.

PENGU Nears Key Breakout Zone

PENGU seems to be leading up to a possible escape. Nevertheless, the market still has not broken a critical resistance at $0.0376 and it is necessary to clear the resistance in order to ascertain a flag pattern breakout. The latest recovery following the support signifies a growing purchasing force however the token still stays in its consolidation zone.

It is important to note that continued movement over the price of above $0.0376 would create a more resilient technical framework, which would leave the bulls with space to move to even higher price levels.

https://x.com/CryptoFaibik/status/1975452916019552764According to CryptoFaibik, once the breakout is confirmed, the next technical target would be near $0.10. The projection is in line with the larger trend that has been taking shape since the previous retracement period. Nonetheless, the market is likely to be in a tight range of consolidation until the resistance at level $0.0376 is overcome. The short-term movement will most probably be determined by the ability of the bulls to continue purchasing above and keeping the support at $0.03398 and the support at $0.03101.