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.

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.