PENGU Eyes September Breakout as Analysts Target $0.14
PENGU is trading around $0.029 after a 4% drop in 24 hours and a 10% weekly decline, settling near a key support zone. The token has moved within a descending channel following a summer rally from below $0.008 to $0.046.
Analysts Ali Martinez and XFinanceBull view the current pullback as healthy and expect a September rebound. A decisive break above the channel could push PENGU toward Fibonacci extension targets at $0.0466, $0.07, $0.098 and then $0.14.
Technical indicators show cooling momentum: the RSI stands at 54 and price sits between its 9-week and 21-week moving averages. Despite short-term weakness, the longer-term uptrend remains intact.
A new mobile game by Mythical Games launched on August 29 has driven a 58% surge in trading volume to $716.7 million, underscoring renewed interest ahead of this month’s key resistance tests.
Bullish
The article highlights a clear bullish setup for PENGU. On the short term, the token’s pullback to the 0.786 Fibonacci retracement and support zone reflects a typical healthy correction, often preceding a rebound. Volume surged 58% following the Mythical Games-powered mobile launch, signaling renewed trader interest and liquidity. Technicals—RSI above 50 and price holding between its 9-week and 21-week moving averages—support buyer control. Historically, NFT tokens like AXS saw similar breakouts after game releases, driving rapid rallies.
In the long term, continued adoption through gaming and Web3 features could sustain demand and push PENGU toward higher Fibonacci targets ($0.14–$0.19). Analysts’ focus on the descending channel breakout suggests that overcoming $0.032–$0.033 will be a catalyst for broader market participation.