PENGU Price Jumps 330%: Elliott Wave Suggests More Upside, But Can It Break Key Resistance?

The memecoin sector has exploded in recent days and at the center of the storm is PENGU, which has posted a stunning 330% rally. As hype surges, so does trading volume. On Korea’s top exchange, Upbit, PENGU even flipped Dogecoin in volume an early sign that traders are shifting their focus to new meme narratives.

But the big question now is: can the rally continue?

Chart Analysis: Bullish Momentum with Caution Near Resistance

Looking at the daily chart, PENGU has been in a powerful uptrend since bottoming out below $0.01. After forming a broad accumulation base, it broke out aggressively, pushing past multiple resistance zones with increasing volume.

Currently, PENGU trades just under $0.04, having reached a local high near $0.045. However, the recent red candle suggests that profit-taking is beginning. This level has now become a psychological resistance zone.

The chart shows a classic five-wave Elliott pattern, where PENGU appears to be in the Wave 5 phase. If this analysis holds true, we could be approaching the end of the current impulse cycle making the next few days critical.

If PENGU breaks above $0.045, the next major resistance is the historical high zone around $0.068–$0.07, where previous rallies were rejected. A clean breakout there could signal a fresh price discovery phase and possibly push toward $0.08 or more.

However, failure to break above $0.045 could lead to a correction. Support lies around the $0.028–$0.03 region, which also aligns with previous consolidation levels.

Momentum Behind the Move

The rally isn’t just technically strong; fundamentals within the meme coin ecosystem support it. PENGU has seen massive attention across social platforms and trading apps. In particular, its appearance in trending lists and high spot volumes on Upbit signals both Korean retail and international interest.

Analyst Cas Abbé notes that the structure looks like a textbook Elliott Wave, with the current movement representing a final impulse before a possible retracement. If bulls want to maintain momentum, they must defend current levels and push past short-term resistance.

Conclusion:

PENGU has made an impressive run, backed by volume and technical strength. While a final Elliott Wave rally might still be in play, traders should watch for a clean breakout above $0.045 or a retracement back to $0.028–$0.03. In either case, PENGU remains one of the most exciting meme coins to watch right now.