Pudgy Penguins’ Nasdaq spotlight has ignited fresh bullish momentum in PENGU price, pushing the token toward a potential breakout from a months-long bullish pattern.
Pudgy Penguins (PENGU) mascot recently stole the spotlight alongside VanEck at the Nasdaq opening bell ceremony, which took place on June 23 at the Nasdaq MarketSite in Times Square, New York.
At the ceremony, Matthew Sigel, VanEck’s Head of Digital Assets Research, rang the bell, while Pengu’s presence was a symbolic nod to crypto’s growing mainstream acceptance.
The appearance at the ceremony comes amid a wave of momentum for Pudgy Penguins, including the recent launch of a play-to-win game Pengu Clash on the TON blockchain and a partnership with Lufthansa’s Miles & More program.
The exposure helped boost PENGU memecoin‘s price by 16% in a single day, with the rally continuing to an intraday peak of $0.0100 on June 25. With this surge, PENGU price has edged closer to the upper boundary of the falling wedge pattern that has been forming since early May. The projected breakout level near $0.0106 is now just approximately 8% above the current price of $0.0098.
On the downside, support is around $0.008, where the lower boundary of the wedge aligns with the longer-term ascending trendline that has held since the April reversal, adding strength to this key level.
From a technical standpoint, momentum indicators are beginning to tilt in favor of the bulls.
The RSI currently stands at 48, having recovered from oversold conditions earlier this month. The MACD line has just crossed above the signal line in a bullish crossover, occurring near the zero line — a signal often interpreted as the beginning of a possible upward move.
The price is also retesting the 20-day EMA at $0.00989. A daily close above this level would confirm a short-term shift in momentum and strengthen the case for a breakout from the falling wedge.
If the breakout above $0.0106 is confirmed with strong volume and follow-through, the next upside targets are $0.0115 (50-day SMA), followed by $0.0130 and $0.0150 — the previous swing highs — and ultimately $0.0200 — the projected target based on the height of the falling wedge pattern.
A breakdown below $0.0080 would invalidate the wedge structure and expose the price to further downside, potentially toward $0.0070.
