Meme coin Pudgy Penguins (PENGU) has posted one of the strongest recoveries among meme tokens over the past two weeks, rallying more than 50% since breaking out of a descending parallel channel on 27 June.
At the time of writing, PENGU is trading at $0.01464, down 0.35% in the last 24 hours, but remains significantly higher than its late-June price.
This recent surge places PENGU among the top meme coin performers so far in July, defying broader weakness across the crypto market.
Source: CoinMarketCap
PENGU rebounds from June lows, gains over 50%
Between 14 May and 26 June, PENGU moved within a descending parallel channel—a technical formation that typically reflects sustained selling pressure.
During this period, the token posted a series of lower highs and lower lows, mirroring a broader meme coin market cooldown.
However, sentiment shifted decisively on 27 June when PENGU managed to close above the upper boundary of the pattern.
That breakout marked the start of a renewed uptrend, with the coin climbing from roughly $0.010 to its current level of $0.01464.
Despite the minor pullback today, PENGU has maintained over 50% gains since its breakout, with price movement hovering near the $0.015 mark.
It remains one of the few meme tokens outperforming in a market where most assets have posted losses.
Bullish indicators support continued momentum
PENGU’s recent gains are being supported by strong buy signals from multiple technical indicators.
According to the Aroon Indicator—a tool used to measure trend strength and reversals—the Aroon Up line is currently at 100%.
This reading typically signifies that an asset has recently hit a new high and is trending upwards with strong momentum.
In this case, the Aroon Up at maximum indicates that PENGU’s recent breakout is not being fueled by short-term speculation but rather by significant demand and sustained buying interest.
The Aroon Down, which measures bearish sentiment, remains subdued.
Adding to this bullish picture is the Moving Average Convergence Divergence (MACD) indicator, which currently shows the MACD line trading above the signal line.
This crossover suggests the presence of positive momentum and potential for further price appreciation.
As long as this setup persists, traders may continue interpreting it as a buy signal, keeping buying pressure elevated in the short term.
Price targets and risks for PENGU in July
With bullish signals in place, the next technical target for PENGU lies at $0.017.
A successful breakout above this resistance could see the token attempt a move toward $0.019, potentially marking a complete recovery from its mid-May decline.
If buyers manage to sustain volume and momentum, this level could turn into a new support zone.
However, risks remain. If the uptrend fails to hold or momentum wanes, the price could correct back to $0.012, which is the nearest support zone below current levels.
At the time of writing, PENGU is slightly down on the day, but its technical structure remains intact, and overall trend indicators still suggest a bullish bias.
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