Pudgy Penguins (PENGU) Price Shows Renewed Bullish Momentum After a Clean Technical Correction

The price of Pudgy Penguins (PENGU) is showing renewed bullish momentum after a clean technical correction. Recent price action suggests a potential upward continuation, interesting traders and analysts.

The price of Pudgy Penguins (PENGU) is showing renewed bullish momentum following a clean technical correction. The token had pulled back to the 0.618 Fibonacci level, commonly referred to as the "golden ratio," during which it touched a low of around $0.009579.

However, strong buying pressure emerged at this key support, leading to a strong rebound. The price then rose above the 0.786 retracement level of Fib at around $0.012258, reaching approximately $0.012493.

After a clean correction to the 0.618 Fib, often called the golden ratio, $PENGU is rebounding with strength.

Reclaiming $0.0123 as support could pave the way to $0.017, and potentially $0.025.

The $0.0123 level is now being tested as a critical support in the short-term. A sustained hold above this zone could open the door for a continuation of the uptrend.

The next resistance level to watch is at $0.017, which coincides with a previous swing high and a key psychological barrier. If the bulls can overcome this hurdle, the rally could extend to the 1.272 Fibonacci extension at around $0.025.

This level represents a significant Fibonacci target, which is often reached during strong and sustained market moves.

As reported by Crypto Claws, the technical indicators are flashing bullish for PENGU if the support at $0.0123 holds. This view is supported by the recent surge in trading volume, which indicates heightened interest from traders.

The past 24 hours have seen a 5.73% increase in price, bringing PENGU to $0.01169, while the 24-hour volume has soared 45.70%. This brings the token's seven-day gains to 14.52%.