Pudgy Penguins Launches Music Label Amidst PENGU memecoins Potential Breakout
Pudgy Penguins has unveiled Pudgy Records, a new music label. This move aims to deepen the brand’s cultural footprint.
Headed by @danthelostboy, the creator of the original Pudgy Penguins theme song, Pudgy Records aims to produce viral anthems, full albums, custom theme songs, curated playlists, and collaborative content. The label is now available on streaming platforms and social media, with the slogan “Penguin song in your pocket. Anytime. Anywhere.”
Simultaneously occurring,the price of PENGU memecoin has shown little reaction to the news,slipping 4% over the past 24 hours and currently trading at $0.0096,below its EMA 20. Though,early bullish signals have emerged,suggesting a potential breakout could be on the horizon.
On the 4-hour chart, PENGU memecoin’s price has been forming lower highs and lower lows since mid-May, but the slope of the decline is beginning to contract, forming a descending wedge pattern. Momentum indicators are also beginning to reflect early signs of strength. The RSI, which had been trending in oversold territory, is curling upward and hinting at bullish divergence. At the same time, the MACD is flattening with the signal and MACD lines converging, which could lead to a bullish crossover on the upcoming candles. Price is also edging towards the 20 EMA,which frequently enough flips from resistance to support during trend reversals.
If the price breaks above the upper boundary of the wedge — currently near the $0.0105 level — with a clear 4-hour candle close and volume expansion,it would serve as a breakout confirmation.the wedge’s height measures roughly $0.0060 (from the top near $0.0150 down to the bottom near $0.0090). Applying this measured move to the potential breakout point around $0.0105 projects an upside target close to $0.0165, which represents 70% from the current price level of $0.0096.
If the price fails to hold above $0.0089 — the most recent swing low — the bullish setup would be invalidated. If that happens, sellers could possibly drag the price down toward $0.0075 or even $0.0060, both of which represent key levels. these zones previously acted as rejection and accumulation areas, with $0.0060 serving as the launchpad for a sharp rally in late April.
