Pengu Coin Price Pulls Back After 260% Rally, Bulls Eye $0.0205 Breakout

PENGU coin has shown impressive bullish strength, rallying over 260% from its base around $0.0040 to a recent high of $0.0144, breaking out from months of consolidation.

April has proven to be a breakthrough month for memecoins. Not only are they closely shadowing the major cryptocurrencies with their move towards the top on the altcoin charts monthly, Solana-based tokens have taken the top position in April, both with the latest gains and also market money transferred to be staked in them.

While TRUMP coin boasts the biggest gain this week with a 62.42% rise, Pudgy Penguins (PENGU) has secured the top spot in monthly performance with a remarkable +102.02% gain since 28th April.

TRUMP coin has seen significant gains this week, rising 62.42% over the seven days. This follows a U.S. president-themed event for the top 220 TRUMP holders which will be hosted in New Jersey on May 22.

One of the better coins overall is Brett (BRETT) which is currently priced at $0.06493 in April and has a month gain of +110.71%, while also experiencing similar week monthly metrics. Finally, Bonk (BONK) has reported a monthly return of +75.25%, while currently priced at around $0.00002019. Bonk currently has a 24-hour trading volume of $382.43 million.

As the price of Pengu Coin pulls back slightly after an impressive 260% rally, traders are now focusing on the key short-term support zone at $0.0100-$0.0110. A breakout above the 38.2% Fibonacci retracement at $0.0205 could pave the way for a mid-term rally towards $0.0256, $0.0343, or even $0.0500 in the next 6-10 weeks.

Short-term traders should monitor the $0.0100-$0.0110 support zone closely, as it could signal a rebound towards higher levels. Long-term traders can maintain a bullish outlook as long as the price stays above the 20 and 50 EMA ($0.0074), which continue to offer dynamic support.

After a 260% surge, Pengu is in a consolidation phase, and if support holds, the next leg higher could come quickly.

After forming a rounded bottom between early February and mid-April, the price successfully completed the “cup” structure and has since carved out a shallow handle, marked by light consolidation just below the $1.30 resistance level.

Once this handle is fully formed, traders can anticipate a breakout move towards the 1.236 Fib Extension at around $1.66, which is also the level where the 20 EMA offers dynamic resistance. A breakout above this zone could propel the price towards the 1.618 Fib Extension at around $2.60.

If the bulls manage to push through the 1.618 Fib Extension, then traders can set their sights on the 2.0 Fib Extension at around $4.14, which is a key psychological level and could act as a strong resistance zone. However, if the bulls are truly in control and demand outpaces supply, then there's no limit to how high the price could rise.