- Pengu defies the wider memecoin sale and brings back important levels with a 50%+ weekly rally.
- Does the memecoin set a breakout fractal on comparable to Pepe’s 2024 -Run?
The Memecoin market has been a massacre lately.
One from Bijter, however, the trend – Pudgy Penguins [PENGU]. Token has risen more than 50% in the past week and escaped sector -wide weakness.
In fact, the Rally Pengu has pushed back to its levels of mid -May, so that all losses of the recent monthly downward trend are effectively recovered. So everyone who bought the top and is held by the dip is actually a win.
But the catch is, this does not look like another hype cycle. Pengu has closely reflected the price structure of Bitcoin, including a recoil of 52% of its high of $ 0.017, before being launched in a strong V-shaped recovery.
Source: TradingView (Pengu/USDT)
It tells us that the rally is not only fed by Fomo. Instead, the real structural flows follow. Buyers got exactly at an important level of support and the rebound came with a strong momentum.
According to Ambcrypto, that kind of conviction is a major distinguishing factor. And it is also displayed in the Pengu/BTC pair, which has just posted its most bullish weekly closure with an increase of 62%.
Given that kind of relative strength, it is not surprise analysts who make comparisons between the current market structure of Pengu and Pepe’s 2024 pre-breakout phase.
Analysts spot a well -known pattern: Pengu vs. Pepe
The map comparison between Pepe’s Breakout 2024 and the current setup of Pengu reveals a striking structural similarity.
In the case of Pepe, the token consolidated for months after a steep 78.6% retracement, so that a solid base is formed before it breaks out.
That movement eventually became a monster rally and blows past extensions with a win north of 300%. Pengu follows a really similar script. It had a steep drop, his foot thought and now it pushes up again.
Source: TradingView (Pepe/USDT)
That’s why it doesn’t feel any random hype.
The Memecoin follows a structure that we have seen before, and that has traders who pay attention, with total addresses now scale An all time of 218,000.
If this pattern applies, we can look at goals such as $ 0.025, $ 0.043 and even a piece up to $ 0.19 along the line.