PENGU is showing renewed strength, pushing above the $0.021 mark after a period of quiet trading. This upward movement is supported by a combination of bullish technical indicators, accumulation by large holders (whales), and a resurgence of interest in the NFT space.
Technical Breakout Signals Strong Momentum for PENGU
The PENGU chart has become active again, with the price recovering to $0.021 on October 21. This level triggered a TD Sequential buy signal, a pattern often followed by significant price increases. Furthermore, the daily chart indicates the formation of a cup-and-handle pattern, a classic technical setup that typically precedes a substantial breakout.
The critical resistance level to watch is $0.0218. If the PENGU price can maintain its position above this Fibonacci level, the next price targets are projected to be between $0.023 and $0.0238. This area could potentially trigger a short squeeze due to a cluster of stop-losses.
Current chart activity shows consistent buyer defense on minor price dips, suggesting that accumulation is actively occurring.
Whale Accumulation Boosts PENGU Holdings
The involvement of large wallet holders, often referred to as whales, is a positive indicator for PENGU. On-chain data from October 21 revealed that over $863,000 worth of PENGU was moved off exchanges. This action is a strong signal of whale accumulation and a reduction in the available circulating supply.
Concurrently, public and institutional holdings have increased to 301.7 million PENGU, marking a 5.6% rise this month. This pattern mirrors a previous period where similar whale wallet growth preceded a 232% rally in PENGU's price back in June 2025, suggesting the possibility of a similar upward trend initiating.
A decrease in tokens held on exchanges typically correlates with reduced selling pressure, a scenario highly favored by traders during the early stages of accumulation.
NFT Market Activity Fuels PENGU's Rise
The Pudgy Penguins NFT ecosystem is also contributing to the positive sentiment surrounding PENGU. Weekly NFT sales have seen a significant surge of 165%, reaching $15.6 million, which positions the collection as the second-largest by market cap among Ethereum NFTs.
This heightened visibility often translates into increased interest in PENGU, the native token that underpins the broader Pudgy Penguins ecosystem.
While overall NFT sales have experienced a monthly decrease of 33%, Pudgy Penguins continue to outperform due to robust community engagement, strategic partnerships for physical toy lines, and an expanding global brand presence.
Outlook for PENGU Price
The current rebound in PENGU's price appears to be well-founded. The convergence of a strong technical setup, increasing whale positions, and renewed momentum in the NFT market all suggest potential for further upside, provided the price remains above the $0.0218 level.
If this support holds, a move towards $0.0238 and beyond is considered feasible. Conversely, a loss of momentum could see the price retesting support near $0.0202. For the time being, PENGU is demonstrating strong upward potential, with technical indicators suggesting a sustained upward trajectory.