The PENGU price is showing strong bullish signs, with recent gains supported by technical setups and a major announcement from Robinhood.
After a rally in July, PENGU is now stabilizing above key levels. With Robinhood integration and an ETF application in play, momentum appears to be building further for this meme coin to explode.
PENGU Price Holding Firm After July Rally
In July, the PENGU price binance surged to a high of $0.0450, making it one of the standout performers in the meme coin space.
Despite the sharp rally, the price displayed only a minimal retracement moving into early August. This light pullback now appears to have successfully cooled down because the daily Relative Strength Index (RSI) is still holding above the critical 50 mark.
On the price front, Pudgy Penguins price is comfortably trading near a green support zone between $0.0300 and $0.0350 that is surely indicating underlying strength coming from investors long-term outlook.
Currently, the PENGU price today on Binance stands at $0.037068, showing a 4% intraday rise. With a market cap of $2.33 billion and a 24-hour trading volume of $694.08 million, interest in this meme coin continues to grow.
Bullish Technical Structure on All Timeframes
The PENGU/USDT chart displays bullish momentum not only on the daily but also on lower timeframes.
On the 4-hour chart, an analyst highlighted that the PENGU price recently broke above a descending channel formed due to recent retracement while still holding its long-term ascending trendline.
Similarly, the analysts mention on the bullish note that as long as this ascending support holds, the PENGU price USD could push toward the $0.040-$0.044 zone. Nevertheless, the analyst warned that a breakdown below this trendline could cause a retest of the $0.032-$0.030 support zone, which looks like the support region to watch if bearish pressure occurs.
Likewise, the 1-hour chart showed the price surging higher as a breakout from descending channel thus, complementing the bullish bias on multiple timeframes.
Catalysts: Robinhood and ETF Filing Fuel Optimism
A surge in buying activity followed Robinhood’s announcement of adding PENGU to its advanced trading platform, Robinhood Legend.
This move has not only increased exposure in the U.S. but also follows Robinhood’s expansion to the U.K. opening the doors to a wider user base and potential new capital inflows.
Adding to the optimism, Canary Capital has officially submitted an application for a PENGU exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC).
Additionally, the regulator has also acknowledged the filing and initiated the review process. If approved, this would mark the first ETF tied to a meme coin, potentially setting a precedent in the space.
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