Date: Thu, Sept 04, 2025 | 09:10 AM GMT
The cryptocurrency market continues to face choppy volatility as Ethereum (ETH) retraced to $4,375 from its August 24 all-time high of $4,954, marking a 12% decline within weeks. This weakness has spilled over into major tokens, including Pudgy Penguins (PENGU).
Although PENGU is trading in the red, its chart is now flashing a key bullish signal that hints at a potential breakout in the sessions ahead.
Falling Wedge in Play?
On the daily chart, PENGU is forming a Falling Wedge pattern, a structure widely seen as a bullish reversal setup. This pattern often signals the exhaustion of a downtrend and the likelihood of an upcoming upside move.
Recently, PENGU faced rejection at the wedge resistance and pulled back toward its support base near $0.02759. Buyers defended that level convincingly, sparking a slight bounce. The token is now hovering around $0.02951, just beneath the wedge’s upper boundary — suggesting that a breakout attempt may be imminent.
What’s Next for PENGU?
If PENGU breaks out above the wedge resistance and successfully reclaims its 50-day moving average at $0.03445, it would confirm bullish momentum. This could open the door for a rally toward the $0.045–$0.046 range, based on the wedge’s measured move projection.
However, if buying pressure fades and PENGU slips lower, its trendline support will remain a make-or-break level to watch.
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