PENGU Price Eyes Bounce From Key Support Level – What’s Next?

Pudgy Penguins' native token $PENGU is attracting renewed attention from traders after showing consistent support at a key technical level.

According to crypto analyst Ali Martinez, every touch of the 10-day Simple Moving Average (SMA) has historically acted as a springboard for upward price action. With $PENGU currently hovering around $0.036, right above the 10-day SMA at $0.035, the market could be approaching another “buy-the-dip” moment.

The technical setup has played out cleanly in recent weeks. Historical touches of the 10-day SMA in late June and mid-July preceded steep rallies, with prices climbing as high as $0.045. The latest dip back to the SMA zone has prompted speculation of a similar bounce.

On-chain metrics and market data reinforce the bullish undertone. $PENGU remains the 44th largest cryptocurrency by market cap according to CoinMarketCap, despite a recent 9.75% dip bringing its valuation to $2.28 billion. The trading volume over the past 24 hours exceeded $1.1 billion, signaling deep liquidity and active engagement from both retail and institutional traders.

The total token supply sits at 88.88 billion PENGU, with 62.86 billion in circulation. This supply dynamic—along with a 7-day price surge of over 22%—suggests that traders continue to buy into momentum, especially near trendline support.

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From a psychological standpoint, the $0.035 level is becoming a key battlefield for short-term sentiment. Should buyers maintain control here, upward targets around $0.043–$0.045 could re-enter the frame. However, a confirmed breakdown below the 10-day SMA may trigger deeper corrections back to the $0.030–$0.032 range.

For now, all eyes are on the 10-day SMA — and whether this beloved meme coin can once again bounce higher from its well-tested launchpad.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.