Key TakeawaysPENGU climbed 6.81% over the last 24 hours, reaching $0.006726, while trading volume increased 29.61% to $57.23 million.Technical analyst Crypto Patel highlights that a double top formation near $0.047 triggered an 89% decline, with sellers maintaining dominance.Breaking below current support levels could push PENGU toward $0.00307.Technical analyst Aurion notes that breaching the descending trendline may indicate shifting market momentum.A confirmed daily close above $0.0097 is required to negate the prevailing bearish formation.Pudgy Penguins (PENGU) registered a 6.81% increase over the previous 24-hour period, currently trading at $0.006726 as of August 10, 2026. Trading volume surged 29.61% to reach $57.23 million, per CoinMarketCap data. The token has appreciated 8.54% across the past seven days.Pudgy Penguins (PENGU) PriceThis upward movement comes as the token challenges a descending trendline that market participants have been monitoring for several weeks. On August 9, PENGU rallied from approximately $0.00636 to $0.00669 within hours, representing roughly a 5% climb fueled in part by technical patterns and heightened social media engagement.Market chatter surrounding a potential team-related disclosure contributed to the momentum. Activity on X suggested that Luca and the official Pudgy Penguins profile were hinting at an unspecified development, coinciding with PENGU’s 5% spike within 30 minutes. However, no official announcement or fundamental news has been confirmed.Technical analyst ZAYK Charts shared on X that “$PENGU Seems Like Ready For Breakout, in 1D Timeframe,” highlighting the daily chart configuration as a bullish signal for traders.$PENGU Seems Like Ready For Breakout,in 1D Timeframe#PENGU #PENGUUSDT pic.twitter.com/u9xaA8Scgm— ZAYK Charts (@ZAYKCharts) August 10, 2026Sellers Maintain Control on Higher TimeframesCrypto Patel presented a bearish perspective for PENGU. The token formed a double top pattern around $0.047 before experiencing an approximately 89% drawdown. Subsequent recovery attempts have consistently been rejected at the declining trendline and surrounding supply areas. Using ICT and Smart Money Concepts framework, Patel maintains that sellers hold structural control. PENGU also trades beneath a higher-timeframe bearish order block.$PENGU Is Repeating The Same Bearish Fractal Again… Another Breakdown Incoming?HTF CHART: #PENGU remains in a clear bearish market structure after forming a major Double TOP ~$0.047 and experiencing an ~89% markdown.#PENGU/USDT continues to respect the descending HTF… pic.twitter.com/iZEscR24h9— Crypto Patel (@CryptoPatel) August 9, 2026Should critical support fail, Patel projects a potential decline to $0.00307. Resistance zones cluster between $0.0085 and $0.0097. A decisive higher-timeframe close above $0.0097 would be necessary to alter the overarching bearish framework.Near-Term Buyers Focus on Critical ZonesAnalyst Aurion presents a more optimistic near-term outlook. PENGU successfully penetrated above a descending trendline on the daily chart following extended consolidation. Aurion identifies $0.0066–$0.0068 as the immediate resistance zone, with support established at $0.0056–$0.0057. Validation through retesting and increased volume would strengthen the breakout scenario.On TradingView, the RSI registered 59.81, positioned above its moving average of 47.86, suggesting growing momentum without reaching overbought conditions. The MACD line turned positive at 0.000009, crossing above the signal line at -0.000053, with the histogram displaying a value of 0.000061.No verified exchange listings, token migrations, or blockchain events have been identified as drivers for this price movement. The 24-hour trading volume of approximately $57 million aligns with a sentiment-driven rally.For PENGU to invalidate its higher-timeframe bearish structure, a confirmed close above $0.0097 remains essential.The post Pudgy Penguins (PENGU) Eyes Breakout: Can Bulls Sustain 7% Rally? appeared first on Blockonomi.