Key Insights:
- PENGU trades near major support, with technical setup hinting at a potential short-term rally.
- A breakout above $0.0222 may trigger a move toward $0.027, offering 30% upside potential.
- RSI remains weak, but accumulation zone and volume patterns suggest a possible shift in trend soon.
Pudgy Penguins ($PENGU) was trading at $0.02092 after falling 8.7% in the past 24 hours and 13% over the past seven days. The price is sitting near a known support level between $0.0200 and $0.0215. This zone has shown repeated interest from buyers over the past few months.
This area also aligns with the lower Bollinger Band, a level that has been tested multiple times. Past price behavior shows that bounces from this region often lead to short-term rallies. Traders monitoring the current range are focused on whether support will continue to hold over the coming sessions.
Chart Pattern Suggests Possible Breakout
On the hourly chart, $PENGU is moving within a descending triangle. This setup shows a series of lower highs pressing against a stable support level near $0.0200. While this pattern is often seen during downtrends, some traders are watching for a shift in direction if the price breaks above the descending trendline.
The resistance level is currently near $0.0222. If broken with strong volume, the next area of interest lies at $0.027, representing a 30% move from the current price.
One analysis notes:
Long-Term Averages and Market Position
On the daily chart, $PENGU is below its 50-day moving average and close to the 200-day line. The shorter moving average is trending downward and may now act as resistance. The 200-day moving average remains upward-sloping, suggesting support in the broader trend.
Relative Strength Index (RSI) stands at 36.35. It remains under its signal line and has not crossed above the 40 mark, a zone that often signals a shift in momentum. The token is currently trading around 60% below its initial listing price of $0.035 and far below previous highs reached earlier in the year.
Source: TradingViewRisk and Reward Levels Attract Accumulation Interest
A recent post by International Intelligence Network points to $0.021 as a key entry level based on risk and reward. A chart shared in the post shows a support zone below current price and a target range up to $0.034. This setup offers a wide upside, while defining risk at around 25% to the downside, near $0.0155.
Source: International Intelligence Network/XThe chart also marks this region as an “accumulation zone,” where volume has increased in earlier periods. While current market action remains cautious, this range is being watched closely. One user commented: “Great area to be building a position here,” referring to the lower price range where buying has reappeared in previous cycles.
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Source: https://coincu.com/analysis/pengu-at-key-support-is-a-30-breakout/
