Arkham Listing Fuels PENGU Surge: Breakout Potential Just Getting Started
In anticipation of a retest of the $0.0450 resistance, PENGU is building momentum thanks to its recent Arkham listing. However, the fundamentals are coming together for a possible 1,000%+ rise this cycle, so this might only be the beginning. The price of Pudgy Penguins is currently $0.03831, up 0.22% over the last day. Following a dive below $0.0312 and a few days of closing below EMA20, the memecoin has recovered and is currently solidly above it in what looks to be an accumulation trend.
As a result, PENGU may try the resistance level of $0.0450, where it has already peaked. There is also a chance for a breakout to new highs because of a new significant catalyst: the recent listing of both spot and perps on the Arkham Exchange.
PENGU Forms Cup-and-Handle Pattern
PENGU is developing a classic cup-and-handle pattern, according to cryptocurrency researcher Ali Martinez. The technical setup is favorable for a possible breakout toward $0.082, and the fundamentals are stacking in favor of the breakout. Most significantly, the SEC has formally started considering an application for a PENGU ETF, which is currently pending.
Pudgy Penguins has subtly introduced a new growth plan in addition to the ETF push. The initiative is now investing in promising Web3 businesses and, in exchange, enlisting the Pudgy Penguins community to support the advancement of those enterprises, according to CEO Luca Netz. According to Luca, this economic model has the potential to become a $100 million business.
PENGU Could Skyrocket to $0.70
This might only be the beginning for PENGU, as the memecoin is currently trading around 32.92% below its all-time high. According to Martinez, the price movement of PENGU is still closely following the strong rally of PEPE. The upward targets might go considerably above $0.082, possibly hitting $0.24 and even $0.70 if the fractal forms. This would indicate gains of roughly 494% and 1,632%, respectively, from current levels.
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