Pudgy Penguins Price News: PENGU Bounces Off Key Support and Could Deliver a 13% Gain

Pudgy Penguins (PENGU) has gone up by more than 5% in the past 24 hours and currently sits at $0.035 after Robinhood – the popular zero-commission broker – added the assets to its advanced trading platform Robinhood Legend.

Robinhood Official X Account – Source: X.com

The U.S.-based financial services company announced PENGU’s addition 24 hours ago. Robinhood Legend is a trading interface for active market participants that offers advanced features such as customization, sophisticated indicators, and level-2 market data.

The platform’s access was recently expanded to users within the United Kingdom and could attract additional trading volumes to PENGU.

PENGU ETF Drives Higher Volumes To This Solana Meme Coin

This Solana-based project has benefited primarily from Canary Capital’s successful push for an exchange-traded fund (ETF) linked to the token.

The U.S. Securities and Exchange Commission (SEC) recently acknowledged Canary’s application for such a vehicle and has set off the countdown to make a decision.

As a result, the token’s market cap grew rapidly and propelled it from the 8th to the 3rd place among the most valuable meme coins. In addition, PENGU is now the most valuable token in the Solana ecosystem with a market value of $2.2 billion.

It has surpassed the market cap of well-established DeFi protocols like Pump.fun (PUMP), Raydium (RAY), and Jupiter (JUP).

If a PENGU ETF is approved, this would be the first investment vehicle of this kind to be linked to a meme coin and this could drive additional trading volumes and raise awareness about the project among institutional investors.

It would also set an important precedent as other similar funds for Dogecoin (DOGE) and Shiba Inu (SHIB) whose applications have also been submitted could be next in line to get approved.

Brand awareness has also been rising. Pudgy Penguins toys can be purchased at Walmart while the project’s non-fungible tokens (NFTs) have experienced a 52% jump in their floor price in the past 30 days.

Positive momentum is definitely at a high point for PENGU.

Pudgy Penguins Price Prediction: PENGU Sees Selling Pressure at $0.032

Looking at today’s uptick, this price action supports a bullish outlook as it occurs right after the asset touched a key level of support.

PENGU seems to have found a temporary floor at $0.032 in the 4-hour chart. This is a big area of support where the token previously consolidated before its most recent leg up.

PENGU/USD 4-Hour Chart (Kraken) – Source: TradingView

There seems to be a strong buying interest at this price point, possibly as big order blocks were still sitting at this level waiting to be filled.

If the market is bullish on PENGU, whales may take advantage of this latest drop to accumulate more tokens. The expectation is that once PENGU’s ETF is approved, the price could skyrocket. Whether that will actually be the case in practice remains to be seen as it may also turn into a ‘sell the news’ moment.

The $0.040 area seems like the most logical target to watch for PENGU if the uptrend continues, meaning a 13% upside potential from today’s price.

Despite the latest downtrend, the price has stood above the 200-period exponential moving average (EMA) in this lower time frame. Hence, the token is still on an uptrend until otherwise confirmed. As long as the price stays above $0.031, the odds favor a bullish outlook.