Key Takeaways
- PENGU’s price breakout on the daily timeframe could see the price attempt a rally towards its high of $0.058.
- PENGU’s price appears strong technically and fundamentally, garnering a strong market prediction for Ali Martinez.
- The price of PENGU rallying to a high of $0.058 could mean a potential price of around 300%.
The cryptocurrency market is looking strong following a recent market bounce, with Bitcoin reclaiming new highs. The likes of Pudgy Penguins (PENGU) have captured the hearts of many memecoin degens as the price action is beginning to look similar to PEPE.
Following PENGU’s price action and its similarity to PEPE, crypto expert and on-chain analyst Ali Martinez has taken to his X account to highlight the similarities between the two price actions, as the price could aim for a rally towards its all-time high.
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While Ali Martinez has shared strong price predictions for PENGU, suggesting a breakout of its price could lead to a rally of over 300%, let’s analyze the current price action of PENGU and market expectations.
PENGU vs PEPE Price Action Similarities
Pudgy Penguins (PENGU) appears to be following a fundamental trend, as indicated by the announcement on their X page of strategic partnerships over the past few months, which has helped its price breakout to a high of 0.016 following a price crash for PENGU from a high of $0.058 to a low of $0.004.
The price of PENGU struggled in a price range around this region, forming strong key support before a breakout from its bearish price action towards $0.016. With the price of PENGU looking strong on the daily timeframe, Ali Martinez was quick to make a strong bullish comparison, suggesting that PENGU’s chart resembles PEPE’s.
According to Ali Martinez, a breakout for PENGU above its previous key resistance of $0.018, with strong volume, could see the price attempt to reclaim its previous all-time highs of $0.058.
The crypto analyst further noted that PEPE’s price had been consolidating at its all-time low for months before experiencing a strong price breakout to reach its all-time highs and gain recognition following its listing on a top crypto exchange. He believes PENGU has the potential to replicate PEPE’s price action.
However, with recent strong price action on the daily timeframe for PENGU, traders and investors will be paying close attention to the price of PENGU in the coming weeks to make informed investment decisions.
PENGU Price Analysis
Source – PENGU 1D Chart From TradingView
PENGU appears poised for a major breakout to highs of $0.02, following a recent price range within a bullish rising wedge. If the price of PENGU on the higher timeframe breaks out with strong volume to the upside and retests the key resistance that has been flipped into support, it could confirm a rally to the upside.
Overall price action looks bullish with a potential price breakout confirming a bullish price rally to the upside.