Pudgy Penguins' Price Momentum Improves Amidst Resistance

Pudgy Penguins' ($PENGU) cryptocurrency has been experiencing notable activity in the market over the past few weeks. The token's price has risen by nearly 7.8% in the last 24 hours, breaking out of a falling wedge pattern.

According to analysts, $PENGU held its key horizontal support levels firmly before firing a sharp 17.36% gain, indicating that it can withstand even weak market conditions. This 'February waddle back' rally suggests that the token has the potential for sustained growth.

The launch of the Visa-powered Pengu Card adds real-world utility to the cryptocurrency, but regulatory delays affecting $PENGU-linked NFT ETFs have slowed institutional inflows.

Technical analysis shows that $PENGU is currently trading below all moving averages, although the Relative Strength Index (RSI) indicator has confirmed the rebound after hitting the oversold region. Traders should pay close attention to immediate resistance at $0.006930, which could serve as a trigger for further upward movement.

If $PENGU breaks and holds above this level, it may push toward $0.0075-$0.0079 in the short term. However, failure to maintain momentum may lead to a pullback towards $0.0052, representing a potential 22% correction.