Pudgy Penguins’ PENGU Gears Up: Key Price Level Could Trigger Massive Rally Amid Airdrop Speculations
Pudgy Penguin’s PENGU memecoin price has declined lately. Analysts do, however, believe that a possible rally may be imminent.
Crypto commentator Cas Abbé believes that reclaiming a crucial resistance level might signal a new all-time high. Speculation about an airdrop has also fueled interest in the token, making it a key asset to watch.
What you'll learn 👉
PENGU’s Price Action and Market Trends
PENGU was trading around $0.02477 at press time, reflecting a 4.76% decline in 24 hours and a 23.63% drop over the past week. The downturn suggests the asset is cooling off after a prior rally, with traders now watching for reversal signals.
Despite the correction, PENGU remains a dominant memecoin with over 100,000 holders and listings on major exchanges. Speculation about an Abstract airdrop for $PENGU holders has added to the excitement, keeping traders engaged despite the recent decline.
$PENGU seems to have bottomed out.
— Cas Abbé (@cas_abbe) January 23, 2025
One of the biggest memecoins in this space, with 100K+ holders and Tier-1 exchange listings.
There have also been rumours of $PENGU holders getting the Abstract airdrop.
Right now, I'm keeping an eye on the reclaim of the $0.028 level.
If… pic.twitter.com/moE2llNFzL
Key PENGU Price Levels to Watch
Abbé pointed out that $0.028 is a crucial resistance level that could trigger a bullish reversal if reclaimed. A successful breakout could send the price toward $0.035 – $0.038, with a possible push to $0.045 – $0.050 if momentum builds. Sustained bullish momentum could further see the token breach its ATH at $0.06845.
Conversely, the support zone between $0.022 and $0.024 is critical for preventing further downside. A breakdown below this area could lead to a retest of $0.020 or lower, extending the correction.
Read also: Why Is the Crypto Market Down Today as Bitcoin Drops Near $100k
Will PENGU Rebound Soon?
A potential catalyst for a rally is the rumored Abstract airdrop, which has kept investor sentiment alive. Abbé noted that if confirmed, it could drive new speculative demand and push PENGU past key resistance levels.
Abbé remains optimistic, suggesting that a reclaim of $0.028 would be the turning point for a renewed uptrend. With high liquidity and strong community support, the memecoin may be poised for another leg up in the coming weeks.
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