Key Insights
- PENGU price surged by more than 16% in 24 hours. Its market cap neared the $2 Billion mark at the time of writing.
- PENGU has just flipped bullish on the 4-hour chart, with the CHOCH confirming the breakout from the accumulation zone. At the same time, analysts are targeting $0.04 in Q4.
- PENGU partners with SWIVUL to allow holders to book hotels, flights & experiences worldwide.
The memecoin market experienced a slight shift in the direction of the volatile sector. Pudgy Penguins (PENGU) and SPX6900 (SPX) communities were the most impactful in this initial hint of a rebound.
SPX led the entire memecoin sector with 17% gains for the top 200 cryptocurrencies by market capitalization. PENGU secured second place in the contest of strength that day. It achieved 16%, with the Pengu price experiencing a surge. It was just one percent shy of the leader’s mark.
As these two memecoins led, traders were interested in what could have influenced this. In this context, the PENGU crypto price was assessed.
Why Pengu Price Led by Gains Among Memecoins?
The daily gains showed that SPX closed the day as the leading memecoin, only a percentage point ahead of PENGU. During the 30-minute London session, PENGU took the lead.
Useless Coin (USELESS) and SPX followed closely behind. What was behind this surge that extended all through the day?
Pengu price action had reached a key structural point that had previously produced a price reversal. Additionally, its retail appeal was increasing, especially after partnering with SWIVUL, as per The Solana Post on X.
The company, which specializes in booking hotels, flights, and curated experiences, will allow holders to use their tokens for payments. The Pudgy Party Game gained momentum during the session. Its dual role as both a memecoin and an NFT token helped drive the price upward.
The mobile game topped the Apple Store in the United States as partnerships expanded real-world adoption. Altcoin season sentiment remained strong. As the memecoin reached a key support level, capital began to flow in.
Having said that, what are the price charts and analysts saying regarding this surge? Could it be sustained, and how high could it go?
PENGU Price Prediction: Analysts Eye Rally Beyond $0.04 In Q4
Community leads on CoinMarketCap suggested bullish momentum for PENGU crypto. They anticipated a potential run toward the $0.04 mark. This prediction was also shared on CT.
Pocoloco noted that the Pengu price action had turned bullish on the 4-hour chart. There, Change of Character (CHOCH) confirmed the breakout from the consolidation.
PENGU crypto aimed to flip the top of the channel first. This increases the chances of a rally toward $0.04. The next resistance level that was in question was around the $0.035 zone.
Analysts on both platforms agreed that PENGU crypto would trade around its previous peak of $0.35. The general bullishness in Q4 crypto markets further supported these views.
Sudelytic seconded the prediction on X. The analyst wrote, “Targets: first $0.035, then the $0.040 resistance area. In short, the $PENGU wave is here! Accumulation is over, the market structure has flipped, and the expansion phase is in play. Strong move toward the previous high incoming!”
The majority of crypto analysts suggested a bullish Q4 for the Pengu price. Additionally, the expanding reach of the PENGU memecoin for real-world use cases, such as in payment, could accelerate its gains.
In the meantime, capital had to consistently flow into crypto markets, not only PENGU, to ensure the moves are sustainable.
