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A cryptocurrency analyst has identified how Pudgy Penguins (PENGU) is beginning to look much like Pepe (PEPE) did earlier than its explosion.
Pudgy Penguins Might Be Following A Related Path As PEPE
In a brand new post on X, analyst Ali Martinez has talked about how PENGU is exhibiting to the memecoin PEPE in its value chart. Under are the graphs shared by Martinez evaluating the developments of the 2 side-by-side.
In each charts, the analyst has marked the Fibonacci Retracement ranges for the belongings, traces which might be primarily based on ratios from the well-known Fibonacci collection. The analyst has set the 1.Zero degree to a value high for each belongings. For PEPE, it’s the excessive from 2023, and for PENGU, it’s the height from the beginning of 2025.
Equally, the zero mark is taken on the backside level. Extra particularly, the low that adopted the aforementioned high within the cash. Martinez then drew the Fibonacci Retracement ranges between the 2 finish factors, with every line equivalent to some share retracement from high to backside.
Associated Studying
It might seem that in PEPE’s case, the worth backside was adopted by a restoration surge that topped above 0.5, the halfway level of the Fibonacci scale. This excessive led right into a retrace, however bullish momentum returned for the coin in 2024, leading to a pointy explosion the place its value far surpassed the 2023 high.
From Pudgy Penguins’ chart, it’s obvious that one thing related has been growing for it, as its value, too, has seen the sample of a high above the 0.5 Fibonacci Retracement line, adopted by a dip and now a rebound. The rebound in query corresponds to the altcoin’s spectacular 50% rally over the previous week. Even with this surge, nonetheless, the asset has solely managed to return to the Might excessive.
Whereas there was some similarity between the 2 value charts, it needs to be famous that it’s not a precise mirror. For example, the dip prolonged to 0.236 for PEPE, however the rebound got here for PENGU earlier than such a retracement might happen.
With the rebound additionally not being as robust as PEPE’s to date, it solely stays to be seen whether or not Pudgy Penguins’ surge would find yourself evolving into something just like the memecoin’s takeoff. Because the analyst notes, “a every day shut above $0.015–$0.017, and this practice might be unstoppable.”
Associated Studying
One thing that might additionally level towards a possible breakout for PENGU is that this chart shared by Martinez earlier, showcasing that the altcoin has been touring inside an Ascending Triangle over the previous couple of months.
Pudgy Penguins has not too long ago climbed to the higher line of the sample, located round $0.015. Typically, breaks above the resistance line of an Ascending Triangle are thought-about to be bullish indicators. Up to now, the coin hasn’t been capable of surge previous the road.
PENGU Worth
On the time of writing, Pudgy Penguins is buying and selling round $0.0148, up over 4% within the final 24 hours.
Featured picture from Dall-E, charts from TradingView.com
Keshav Verma Read More
