PENGU gained 8.9% after its listing on SoFi on October 20, following several weeks of selling pressure that pushed it down from $0.0112 to $0.00706. The rebound brought the token close to $0.0085, a major resistance level, while a significant cluster of leveraged positions sits between $0.00830 and $0.00835. A breakout could trigger forced short covering and push PENGU toward $0.012-$0.015, whereas a decline below $0.00790-$0.00795 could expose the token to a drop toward $0.00780 and eventually $0.0037. Over the long term, a confirmed weekly breakout accompanied by higher trading volumes and accumulation would be needed to reverse the bearish trend. Approximately 62.86 billion PENGU tokens, or about 70% of the maximum supply of 88.88 billion, are already circulating, increasing the risk of further selling pressure if demand weakens.
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