Pudgy Penguins (PENGU), Solana’s top meme coin by market cap ($592.6 million), has printed what is possibly the last buying opportunity after retesting a crucial resistance level three times.
Pudgy Penguins eyes 44% rally
At press time, Pudgy Penguins was trading at $0.009426, after failing to break above the $0.0106 ceiling. According to the chart below, this price presents a significant zone of resistance, with PENGU previously attempting three breaks above it.
Source: TradingView
Historically, the more a coin retests a specific zone of resistance, the more that ceiling is weakened. For PENGU, trading beyond $0.0106 could open the door for a 44.34% rally to $0.0153.
Additionally, indicators that show this could be a prime accumulation period include narrowing Bollinger bands. This indicates reducing volatility, which often precedes sharp upside movements.
Another is the Parabolic SAR, whose dots are now below PENGU’S price, indicating a flip from bearish to bullish momentum.
Korea Blockchain Week sparks momentum
In addition to the failure to break resistance triggering sell-side pressure, PENGU’s price has also retreated amid a broader pullback in the meme coin sector and the overall crypto market.
Nonetheless, the coin could benefit from renewed positive momentum on the back of aggressive community engagement at the Korea Blockchain Week (KBW). Running through September 28 to October 2, the high-profile event continues to feature major brand activities, including games and networking.
In the past week, PENGU has gained 8.14% amid community anticipation of the event. It now remains to be seen how the upcoming days will influence user sentiment.
For now, PENGU has to hold above the $0.0090 support if it is to retest $0.0106 once more and make new highs above it. Retreating below this support risks a greater pullback to $0.0085.
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