$PENGU is showing signs of a potential bullish reversal as its price stabilizes near the critical support level of $0.0117. The cryptocurrency's market cap has surged from $550 million to $800 million, indicating growing investor interest. This shift from a downtrend to accumulation on the daily chart suggests a possible upside if the support holds. The price action between $0.0117 and $0.0126 is compressing, often a precursor to a breakout. A successful retest of $0.0126 could propel the price towards $0.0136. However, if $0.0117 support fails, the bullish outlook may be invalidated, leading to potential deeper retracements. The market cap's recent stability above $600 million reflects sustained demand, with a high-level consolidation phase between $730 million and $800 million. This suggests a re-accumulation phase rather than distribution, supporting the broader uptrend. The daily chart indicates a transition from a long-term downtrend to a potential reversal, with key targets at $0.016, $0.025, and $0.035.