Pudgy Penguins' PENGU, a meme coin driven by utility, has seen remarkable growth in the last 24 hours, with its price surging by 34% to become the top gainer of the day.

Compared to other digital assets such as Bitcoin (BTC) and Ethereum (ETH), which only experienced slight increases of 0.70% and 0.22% respectively during the same period, PENGU has outperformed them.

Breaking a two-month high at $0.013, PENGU is currently trading above its 20-day exponential moving average (EMA), signaling strong support for the token's price at $0.0074.

When a token trades above its 20-day EMA, it signifies bullish momentum as the current price is higher than the average price over the past 20 days, indicating potential upward movement for PENGU.

The Parabolic SAR indicator for PENGU also shows a positive trend with its dots positioned below the token's price, suggesting an uptrend and the possibility of a continued rally.

However, while the outlook remains bullish and the token could potentially reach $0.019 if buying activity persists, any increase in profit-taking could reverse this trend. In such a scenario, selling pressure could drive the price below the 20-day EMA and the Parabolic SAR, potentially revisiting the year-to-date low of $0.0037.