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PENGU Primed for Liftoff? Bullish Retest Signals 180% Move Ahead

PENGU price chart

TL;DR

  • PENGU kinds bullish retest at $0.035, setting the stage for a possible rally towards $0.09.
  • Cluster of EMAs and Fib degree close to $0.03178 presents short-term assist for PENGU.
  • Volume profile reveals robust purchaser curiosity at $0.032–$0.033, supporting the present consolidation vary.

Price Pullback Tests Key Support

PENGU was buying and selling at $0.033 on the time of writing, displaying a 24-hour decline of 6% and a 7-day drop of 4%. This pullback follows a breakout from a downward channel that began in late July.

Meanwhile, the transfer above the channel resistance occurred round mid-September, marking a shift in worth path. Since then, the asset has retreated towards the $0.035 space, which is now being examined as assist.

Ali Martinez noted that the present setup “appears to be like like a bullish retest earlier than PENGU resumes a brand new leg as much as $0.09.” The day by day chart reveals the value holding just below the 0.786 Fibonacci retracement degree at $0.0361. This zone between $0.035 and $0.036 is being watched intently. If it holds, merchants could look for continued energy towards greater ranges.

PENGU price chart
Source: Ali Martinez/X

Notably, Fibonacci extension ranges recommend potential upside towards $0.0466, $0.0638, and $0.0761, with some merchants eyeing a potential run to $0.09. For that to occur, the value wants to remain above present assist and start forming greater lows once more. An in depth above $0.036 could provide early affirmation.

As we not too long ago reported, the sample seen on the chart is just not new. PENGU has proven a bent to rally, pull again, after which rally once more. That rhythm has repeated throughout current worth cycles. Another upward transfer may observe if this present retest results in a bounce. If not, a break beneath $0.035 may put strain on the construction and delay any restoration.

Short-Term Levels and EMA Support

Altcoin Sherpa identified a key zone on the 4-hour chart. PENGU is buying and selling close to a number of short-term exponential transferring averages and the 0.382 Fibonacci retracement degree at $0.03178. These transferring averages—20, 50, 100, and 200—are converging in the identical zone, which may act as a short-term assist base.

They commented,

A steady response right here would assist the thought of consolidation earlier than one other try to maneuver greater. If the realm fails, the subsequent degree on the chart is round $0.0271, which may act as a secondary assist.

Volume Data Supports Current Range

The VPVR (Volume Profile Visible Range) reveals a high focus of buying and selling quantity between $0.032 and $0.033, marking this as a high-interest zone. The Point of Control (POC) can be situated right here, displaying that this degree has attracted probably the most quantity over the seen time vary.

PENGU price chart
Source: TradingView

Interestingly, this knowledge helps the concept that buyers and sellers are lively on this worth space. If it continues to carry, the asset could transfer towards the subsequent resistance zone round $0.037 to $0.039. If that degree breaks, merchants could look for continuation towards the earlier high close to $0.046. A breakdown, nonetheless, may result in a transfer towards the subsequent high-volume space close to $0.022 to $0.025.

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