- PENGU rebounded 14% this week after bouncing off the 0.618 Fibonacci level, signaling renewed bullish momentum and strong buyer interest.
- While analysts eye a long-term target of $0.025, a mid-term move to $0.015 is more realistic if bulls can reclaim and hold $0.0123 as support.
After a breakout from a descending channel, PENGU soared to a local high of $0.0125, marking a key turning point in its recent price action. However, the rally met resistance, and the token briefly slipped to $0.01166. Despite the pullback, crypto analyst Ali Martinez views this move as a healthy correction, citing the 0.618 Fibonacci retracement level—a classic “golden ratio” often seen as a bullish support zone.
Spot buyers quickly capitalized on the dip, absorbing 2.3 billion PENGU tokens, with Buy Volume finally outpacing Sell Volume after several days of bearish pressure. This renewed buying interest also led to a negative Exchange Netflow, signaling accumulation rather than profit-taking.
Also read: Veteran Investor Claims XRP Could Create Generational Wealth and Retire Your Entire Bloodline
The renewed bullish sentiment is reflected in the derivatives market as well. Data from Coinalyze shows the Aggregated Funding Rate has remained positive throughout the week, now sitting at 0.0070, with the Predicted Funding Rate slightly higher at 0.0087. Meanwhile, CoinGlass reports that 57% of Futures Open Interest is held by long positions—another sign traders are betting on a sustained rally.
While analyst targets of $0.017 and even $0.025 have been floated, these remain longer-term possibilities unless bulls can reclaim and hold $0.0123 as support. A mid-term push toward $0.015 seems more achievable in the near future, provided bullish momentum holds.
The key question now: can the Penguins waddle into a full-blown breakout? The recent data suggests bullish conviction is growing—but in the volatile world of memecoins, momentum can shift as quickly as it started.
If PENGU bulls can flip $0.0123 into firm support, a climb to $0.015 may be within reach. Anything higher would require significant volume and broader market optimism. For now, the memecoin market is watching closely—because when Penguins rally, they don’t just march—they soar.
