Not Dogecoin or Shiba Inu: Is This Meme Coin's 27% Rally Just Getting Started?

Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) rallied roughly 18% and 15% over the past week, respectively, as Bitcoin’s (CRYPTO: BTC) push above $86,000 fueled renewed appetite for altcoins and meme coins.

Pudgy Penguins (CRYPTO: PENGU) stole the spotlight with a 27% weekly gain as crypto chart analyst Ali Martinez points to multiple technical signals flashing more potential upside.

Is PENGU Flashing Multiple Buy Signals?

Pudgy Penguins’ weekly Bollinger Bands are squeezing, noted Martinez in an X post on Sep.22 signaling declining volatility that could precede a significant price move.

He sees several indicators suggesting that move could favor bulls.

• The Tom DeMark Sequential is flashing buy signals on PENGU’s weekly chart, first a nine setup and then a Combo 13.

• The Parabolic SAR has also turned bullish, with its dots moving below the price.
  
• SuperTrend indicator has generated a buy signal and the last comparable weekly signal preceded a 1,156% rally, though past performance does not guarantee a similar move.

"Low volatility is meeting strengthening bullish momentum," Martinez said, adding that a breakout from the current squeeze could produce a substantial move.

Could PENGU Rally Toward $0.045?

PENGU remains within a parallel price channel, according to Martinez.

He identified the channel’s midpoint near $0.025 as the first upside target. A breakout above that level could put the upper boundary around $0.045 in focus.

That would represent roughly 430% upside from the levels referenced in Martinez’s analysis.

Image: Shutterstock

Photo: Shutterstock