Elliott Wave Analysis suggests potential PUDGY PENGUINS (PENGU) price increases, with forecasted highs of $0.065 and $0.110.
The digital asset market is abuzz with excitement as Pudgy Penguins (PENGU) continues to gain momentum, with its social energy translating into a growing presence in the crypto space.
Recent chart analysis suggests that PENGU's structure aligns with an Elliott Wave count, potentially indicating the beginning of a third wave. This bullish trend is further supported by prediction markets, which show a clear bias towards PENGU holding its ground and maintaining strength.
The token has recently retested the $0.034 to $0.035 zone after several attempts to push higher were capped. However, PENGU's ability to hold its ground in this area is a positive sign, suggesting that the bullish sentiment remains alive and well.
If PENGU can hold above the $0.034-$0.035 zone, it opens up potential upside targets towards the $0.038 and $0.041 zones. Analyst kims0516 even predicts the first major bullish target for PENGU to be $0.065, with a more ambitious extension towards $0.110 as a second major target.
The community's focus on reaching $0.05 and increased external visibility are contributing to the bullish momentum. The growing presence of Pudgy Penguins at events like KBW and TokenSG is further fueling the narrative.
However, maintaining key averages is crucial to keeping the recovery path intact for PENGU. As the token approaches its MA-200 and EMA-250 support band, the reaction at the $0.034-$0.035 support band will be closely watched. If PENGU can successfully defend this area, it sets the stage for another bounce higher.
It's worth noting that the selling pressure appears to be lighter compared to previous breakdowns, which could indicate a shift in market sentiment. If PENGU can successfully defend its MA-200 and EMA-250 support band, it could signal a turning point for the token.
In conclusion, the bullish narrative around Pudgy Penguins continues to gain traction as the token approaches key support levels. With a growing community leaning heavily bullish and several analysts predicting significant upside potential, the stage is set for an exciting few weeks for PENGU investors.
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