Pudgy Penguins [PENGU] is in the news today after it continued to maintain its position above the ascending triangle breakout zone – A sign of sustained strength in its market structure.
In fact, it’s worth noting that a sustained breakout here followed multiple retests of the trendline support, alluding to a growing willingness among bulls to defend higher lows.
If this price structure remains intact, the conditions may favor a further move towards the projected Fibonacci target near $0.044. Especially as the technical alignment continued to support the bullish setup on the charts.
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