TLDR
- PENGU is holding steady at the crucial $0.028-$0.030 support zone
- Nearly $350K in short liquidations are stacked at $0.0310, which could trigger a squeeze if price moves higher
- Pudgy Party mobile game launched globally on iOS and Android, expanding the brand beyond crypto audiences
- Technical analysis shows a falling wedge pattern that typically signals upward price movement ahead
- Ethereum’s official social media endorsement of Pudgy Penguins has boosted investor confidence in the project
Pudgy Penguins is trading at a critical juncture as the meme token tests key support levels while new developments fuel optimism among market participants.
The token currently sits at $0.02920, down 4.30% over the past 24 hours. This places PENGU squarely within the $0.028 to $0.030 range that has emerged as a crucial support zone.
Market data shows this area has repeatedly attracted buyers in recent weeks. Volume has cooled slightly, but liquidity remains concentrated around these levels.
The support zone represents what many traders view as a line in the sand for PENGU’s near-term direction. A clean defense of this range could preserve the token’s broader technical structure.
From a chart perspective, analysts are tracking a falling wedge pattern that has formed over recent trading sessions. This pattern often precedes upward price movements in technical analysis.
Popular market commentator Sjuul pointed to this setup as evidence that PENGU could be preparing for a strong rally after its recent consolidation phase.
Game Launch Expands Reach
The timing of technical developments coincides with the global launch of Pudgy Party on Apple’s App Store and Google Play Store. The mobile game represents a collaboration between Pudgy Penguins and Mythical Games.
The release marks a step toward bringing the Pudgy Penguins brand to mainstream mobile gaming audiences. The game features fast-paced challenges and brand collaboration costumes.
For the crypto project, this expansion beyond NFT markets represents an attempt to build utility and awareness among non-crypto users. Mobile gaming reaches billions of users worldwide.
The launch has generated fresh attention for the Pudgy Penguins ecosystem. Market participants view product releases like this as potential catalysts for increased demand.
Pudgy Penguins PENGU Price Prediction
Liquidation data reveals nearly $350K in short positions clustered at the $0.0310 level. This concentration of shorts creates potential for rapid price movement if buyers can push above that threshold.
Short liquidations occur when leveraged positions are forced to close, often creating buying pressure that drives prices higher. The clustering at $0.0310 means even a modest bounce could trigger this dynamic.
Current price action keeps PENGU just below this liquidation cluster. A move above $0.0310 could clear the way toward the $0.033 to $0.035 resistance band.
Technical analysts suggest that breaking through the short liquidation zone could open a path toward the $0.043 level. This represents the next major resistance area on longer-term charts.
The combination of technical patterns and liquidation setups has traders watching for signs of momentum shift. A successful defense of current support levels could provide the foundation for such a move.
Market watchers describe the current levels as a final accumulation zone before potential upward movement. This view assumes that selling pressure is nearing exhaustion around the $0.028-$0.030 range.
Ethereum’s official social media account recently highlighted the Pudgy Penguins project, providing a rare endorsement from the second-largest blockchain network. This visibility boost has been interpreted as a credibility enhancement for the project.
