Pudgy Penguins' Defense of the $0.00122 Support Level May Trigger a Bullish Breakout

Pudgy Penguins (PENGU) is at a pivotal point as its value drops into oversold levels, drawing fresh attention from both traders and market experts. The token is currently hovering around a significant support area between $0.005 and $0.01, and both technical signals and recent strategic moves indicate a possible trend reversal may be approaching. One market analyst has even described the current price as a "bargain buy,"

and increasing interest from the rapidly growing community.

The RSI for

has fallen close to 30, a threshold often linked to oversold markets, while the Awesome Oscillator (AO) is reflecting a reduction in bearish momentum, . These indicators are consistent with on-chain data, where price compression near support and bullish divergence on daily charts suggest a breakout could be imminent. Traders are monitoring whether buyers can maintain the $0.00122 level, . If this support holds, it could pave the way for a rise toward $0.015 or higher, with some analysts eyeing $0.018 and $0.023 as future targets .

Optimism is further fueled by Pudgy Penguins' recent partnership expansion with Edgen+. The second phase of this collaboration, revealed on November 24, brings exclusive perks to more than 250,000 PENGU holders,

and incentives. This announcement led to a 10% price jump within a day, while trading volume soared by 50% to reach $188 million . The partnership aims to weave Pudgy Penguins into a broader lifestyle and productivity ecosystem, marking a strategic shift to boost token utility and strengthen community ties .

Market sentiment is also evolving. Pudgy Penguins' expanding cultural influence, with celebrities embracing its branding and greater exposure across social platforms, has sparked renewed interest during a period that is usually slow for meme coins

.

Nonetheless, there are still risks. If the price falls below the $0.005–$0.01 support band, recovery could be postponed, leading to further consolidation.

in this range instead of trying to catch the absolute bottom. At present, the main question is whether Pudgy Penguins can find stability and attract sustained buying interest—a challenge that may shape its short-term outlook.