Increase in PENGU price by 20%: Will this boost its value above $0.045?

In a significant development for the cryptocurrency market, Pudgy Penguins (PENGU) has confirmed a bullish breakout from a bearish trend model. The past week has seen an impressive 19% surge in the price of PENGU, with the token currently trading at $0.034.

This bullish breakout is characterized by converging downsloping trend lines, a sign of a potential reversal in the market sentiment. On-chain data also suggests ongoing accumulation of Pudgy Penguins, further indicating a bullish trend.

The MACD lines of PENGU have recently experienced a positive crossover, a buy signal, and the Relative Strength Index (RSI) is currently above 59, a sign of increasing buyer pressure. These technical indicators point towards a continued upward trend for PENGU.

The bullish breakout is also bolstered by the upcoming potential catalyst, the Canary Spot PENGU ETF. The hearing for this ETF was conducted by the U.S. Securities and Exchange Commission (SEC), with the decision date scheduled for September 21, 2025. The Canary Spot PENGU ETF, if approved, could provide a significant boost to the Pudgy Penguins ecosystem.

However, it's important to note that the path forward is not entirely smooth. A drop of more than 25% remains possible in the coming days, reflecting the inherent volatility of the cryptocurrency market.

Pudgy Penguins appears ready to realize its promising bullish potential, with a successful break above the cup and handle's neckline at $0.047 confirming the larger pattern and opening the door to new highs. If successful, PENGU could target its July peak at $0.045, representing a 33% increase from its current price. With a target at $0.9, this represents almost a x3 from its current price, indicating significant growth potential for Pudgy Penguins.

For those interested in buying Pudgy Penguins, a guide on how to do so on Pionex is provided in a separate article.

Charles Ledoux, a Bitcoin and blockchain technology specialist, and the author of numerous articles on this platform, provides insights on the potential of Pudgy Penguins. He notes that a break above the $0.35 level could allow Pudgy Penguins to smash its previous records.

The U.S. SEC is set to make a decision on the Canary Spot PENGU ETF by October 12, another key event that could influence the market sentiment for Pudgy Penguins.

Engagement metrics suggest significant growth potential for the Pudgy Penguins community, indicating a strong foundation for its future growth. As always, it's crucial to do your own research before making any investment decisions.