Crypto analysts indicate that the PENGU token is approaching a potential technical breakout from a cup-and-handle pattern, a bullish continuation formation often signaling significant upward potential. The pattern suggests a technical target near $0.082 for PENGU if confirmed.
This potential move follows news that the U.S. Securities and Exchange Commission (SEC) is reviewing a CBOE-backed Exchange Traded Fund (ETF) application involving the PENGU token. This regulatory consideration is viewed as a significant step for the token’s market legitimacy and institutional acceptance.
Concurrently, robust adoption in key Asian markets is providing fundamental support. Significant uptake has been recorded, particularly in South Korea and China, propelled by the strong brand resonance of the associated Pudgy Penguins NFT collection within the region.
Market data revealed that PENGU’s price surged by 800% from its yearly lows, fueled by increased trading volume and rising market capitalization, reflecting substantial investor interest and momentum.
For the anticipated breakout towards the technical target to occur, market observers note that PENGU must first overcome a key resistance level at $0.045. A decisive move above this price point is considered critical for sustaining the bullish momentum identified by the cup-and-handle formation.