Date: Thu, July 10 2025 | 05:58 AM GMT
The cryptocurrency market witnessed a major milestone today as Bitcoin (BTC) surged to a new all-time high of $112,000. Meanwhile, Ethereum (ETH) followed with an impressive 5% jump, pushing major altcoins and memecoins higher — including Pudgy Penguins (PENGU), which is now drawing serious attention.
PENGU has stolen the spotlight with a strong 23% jump today. But according to technical analysis, this may be just the beginning of a larger bullish move.
Source: Coinmarketcap
Cup and Handle Pattern Breakout
On the daily chart, PENGU has been trading within a textbook Cup and Handle formation — a classic bullish reversal setup that often leads to explosive price action. The “cup” portion of the pattern developed between February and mid-May, beginning with a steep drop from $0.017 and bottoming out near $0.0037 before gradually rounding out.
Pudgy Penguins (PENGU) Daily Chart/Coinsprobe (Source: Tradingview)
After forming the “handle” — a short-term downward channel — PENGU broke out above the $0.010 resistance level on June 28. That breakout set the stage for today’s major move, where the price successfully pushed above the neckline resistance at $0.017, rallying to its current level around $0.018.
This breakout confirms the full cup and handle pattern — a highly watched signal among technical traders.
What’s Next for PENGU?
Now that PENGU has confirmed its breakout, it could either consolidate slightly or retest the $0.017 neckline before taking off again. If the bullish momentum continues, the technical target of the cup and handle formation sits around $0.031 — a 78% move from the breakout zone.
Given the overall market strength and PENGU’s clear breakout structure, this memecoin could be gearing up for a strong continuation rally/
