Pudgy Penguins, a popular NFT project, has announced the launch of Pudgy Records, a new community-driven music label designed to extend its cultural footprint through the power of music. The initiative is led by @danthelostboy, the voice behind the original Pudgy Penguins theme song. Pudgy Records aims to release viral anthems, full-length albums, curated playlists, and custom theme songs, all designed to embed the Pudgy brand deeper into pop culture. The label is now live on major streaming platforms and social media, promising to put a “Penguin song in your pocket. Anytime. Anywhere.”
Muted Market Reaction but Bullish Hints Emerge
Despite the excitement surrounding the label’s launch, PENGU—the memecoin associated with Pudgy Penguins—saw little positive price action. In fact, it slipped 4% over the past 24 hours, now trading at $0.0096, below its 20-period EMA on the 4-hour chart. However, technical indicators suggest that bullish momentum may be quietly building. The price is forming a descending wedge pattern—a structure often seen as a bullish reversal signal. Meanwhile, the RSI, which had been in oversold territory, is curling upward, hinting at a possible bullish divergence. The MACD lines are also converging, suggesting that a crossover could be imminent.
Breakout or Breakdown: What’s Next for PENGU?
If PENGU manages to break above the upper wedge resistance near $0.0105 with strong volume and a confirmed 4-hour candle close, it could signal a breakout. The measured move from this pattern projects an upside target near $0.0165, representing a potential 70% gain from current levels. However, the bullish outlook would be invalidated if PENGU fails to hold support at $0.0089. In that scenario, the memecoin could slide to $0.0075 or even revisit $0.0060—critical levels that previously acted as rejection points and accumulation zones.
While the launch of Pudgy Records underscores the project’s commitment to brand innovation, the market appears to be waiting for a technical trigger before embracing the news. Traders and fans alike now have their eyes on the charts, anticipating whether the beat drops—or the floor does.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
Also Read: Pudgy Penguins [PENGU] Price Soars 140%+ Amidst Strong Bullish Signals
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
