PENGU Activity Spikes: What’s Driving the Buzz?

PENGU forms a bullish cup and handle pattern as whale activity rises and partnerships grow. Breakout above $0.045 could fuel rally.

Pudgy Penguins (PENGU) is drawing attention across both technical charts and on-chain data. Crypto analyst Ali Martinez outlined several signals suggesting the token may be preparing for a move. The current price stands at $0.022 at press time, reflecting a 5% gain over the last 24 hours. Trading volume reached $223 million during the same period.

While the token saw a small dip over the past week, broader activity around the asset shows signs of renewed momentum.

Technical Setup Points to Breakout Zone

The chart shows PENGU forming a cup-and-handle pattern—commonly seen ahead of upward price moves. The base support around $0.0174 has held firm, and the price has been slowly climbing from that area. A key resistance level sits at $0.045. If the asset moves beyond this level, it could open the way for targets near $0.08, $0.114, and possibly $0.185, based on past Fibonacci-based projections.

Analyst Ali Martinez noted that “everything lines up for a new bull rally,” referring to the alignment between real-world traction and technical structure.

Meanwhile, the team behind PENGU has recently announced partnerships with DreamWorks’ Kung Fu Panda and Invariant, a Washington-based policy firm. The project has also been mentioned by Jefferies, one of the largest investment banks, in its broader coverage of digital assets.

In addition, the brand is expanding. Over 1 million Pudgy Penguin toys have been sold globally. The mobile game Pudgy Party has surpassed 900,000 downloads. The brand was also seen at a film awards event in South Korea, and an ETF application is currently under review.

Indicators Show a Shift in Momentum

On the daily chart, Bollinger Bands have tightened, showing lower volatility. This setup often comes before a price move. PENGU recently bounced off the lower band around $0.01708 and is now trading near the 20-day average at $0.023. For momentum to build, the price would need to challenge the upper band near $0.029.

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MACD data also turned positive. A bullish crossover has occurred, with the MACD line crossing above the signal line. The histogram is now green, a common early sign that momentum may be shifting.

Futures and On-Chain Data Support the View

Open interest in PENGU futures is at $122.36 million, according to Coinglass data. This is lower than the July peak above $650 million, but activity has steadied in recent days. The current level suggests that some traders are starting to rebuild positions.

Data from CryptoQuant shows large whale orders have picked up again. Since early October, whale-sized transactions have clustered between $0.02 and $0.03. These levels match previous accumulation zones earlier in the year.

This activity may provide support near current prices, especially if large buyers continue to stay active as the asset approaches key resistance.