Pudgy Penguins (PENGU) experienced a 12.8% surge in the last 24 hours, driven by a broader market rally that saw Bitcoin rise by 4.3%. The altcoin's trading volume increased by 33% to $202 million, indicating heightened investor interest. Despite the gains, PENGU remains below the critical 78.6% Fibonacci retracement level at $0.016, posing a significant resistance. Technical indicators such as the On-Balance Volume (OBV) and Moving Average Convergence Divergence (MACD) suggest limited recovery potential. The coin has fallen 28.5% since October 27, and traders are closely monitoring for a breakout above $0.017 or a retracement to $0.016 as potential bullish signals.