PENGU, the official community token of the Pudgy Penguin ecosystem, was once among the largest meme coins, with a market cap of more than $2.5 billion. However, after months of bearish pressure, its capitalization has shrunk to under $500 million, and the token currently trades around $0.0074, down 20% over the past fortnight.
One key signal, though, suggests that PENGU might soon chart a notable resurgence.
Upswing on the Way?
Ali Martinez identified a fresh buy signal on the meme coin’s TD Sequential indicator and noted that the metric has been extremely accurate at anticipating trend shifts in the past.
For instance, buy signals at the start of August and mid-September were followed by major price increases of 77.6% and 66.9%, respectively. At the same time, a sell signal less than a month ago preceded a 31.5% pullback.
“Now, the TD Sequential has flashed a new buy signal on the daily chart, suggesting another upswing could be starting,” he added.
Martinez noted that the timing of a potential resurgence is interesting from a fundamental perspective, adding that PENGU is now available to buy, sell, and hold on SoFi, giving the token exposure to a platform serving more than 15 million members.
The official X account of Pudgy Penguins highlighted the development, saying it “marks another step toward bringing PENGU to everyone, everywhere.”
Altcoin Sherpa – a popular X user who often focuses on crypto – described the initiative as a “pretty cool partnership” for PENGU. “If there was one brand that has really escaped into the mainstream, it’s Pudgy Penguins imo. (I have a bag),” they revealed.
The Previous Signals
Martinez shared another analysis of PENGU toward the end of September. Back then, he claimed the meme coin’s Bollinger Bands had squeezed on the weekly chart, a development often seen as a precursor to a major price move (though the direction remains unclear).
Adding to the bullish case, the analyst highlighted several technical indicators that have turned positive. These include two consecutive buy signals from the Tom DeMark Sequential, a bullish flip in the Parabolic SAR, and a fresh SuperTrend buy signal, which previously preceded a 1,156% price explosion.
Since then, though, PENGU has undergone a steep correction, and it remains to be seen whether these favorable factors, coupled with the most recent indication, can reignite momentum.
The post PENGU Dumps 20% in 2 Weeks, But Analyst Predicts a Massive Rebound appeared first on CryptoPotato.
Source: https://cryptopotato.com/pengu-dumps-20-in-2-weeks-but-analyst-predicts-a-massive-rebound/
