|

PENGU Rockets Higher as Buy Signal Ignites Rally Buzz

PENGU Price Chart

TL;DR

  • PENGU reveals repeated rally-pullback cycles, with help close to $0.030 and targets between $0.07–$0.09.
  • TD Sequential purchase sign, bullish Ichimoku crossover, and MACD power affirm enhancing momentum for PENGU.
  • Liquidation dangers sit beneath $0.036 for longs, whereas shorts face strain above $0.0385 towards $0.041.

Weekly Performance and Market Structure

Pudgy Penguins (PENGU) has recorded robust positive factors over the previous week. The token was buying and selling at $0.038 at press time after climbing 28% in seven days and 12% up to now 24 hours. Trading quantity within the final day reached $527.7 million.

The weekly chart reveals a repeating cycle of rallies adopted by corrections. Analyst Ali Martinez famous,

Earlier this 12 months, PENGU rose from May into July earlier than falling in August. The latest rebound suggests the identical sample could also be forming once more.

Support is holding round $0.030, with resistance close to $0.045. If consumers keep management, targets between $0.07 and $0.09 stay potential within the medium time period. The chart additionally reveals larger lows, indicating that consumers have persistently stepped in after declines.

Technical Signals Turning Positive

As we not too long ago reported, a contemporary purchase sign appeared on the three-day chart utilizing the TD Sequential indicator. The indicator printed a “9” candle, which frequently marks the tip of a downtrend. This factors to promoting strain dropping power.

Other indicators additionally present momentum shifting. The Ichimoku conversion line has moved above the baseline, whereas the ahead cloud has turned inexperienced. The MACD has crossed bullish, with the histogram now optimistic. These indicators collectively affirm enhancing situations for the token.

PENGU Price Chart
Source: TradingView

The nearest help sits at $0.033. Resistance is now clustered between $0.038 and $0.045. A sustained push above $0.038 would strengthen the case for a retest of $0.045. If the token falls beneath $0.033, the bullish setup would weaken and open the door for extra promoting.

Liquidation Map and Leverage Risk

The liquidation map reveals PENGU buying and selling round $0.03747. Long liquidations are concentrated beneath $0.036, with many high-leverage positions within the 25x and 50x vary uncovered to threat. A transfer beneath this degree may set off compelled promoting.

PENGU Liquidation Map
Source: Coinglass

On the opposite hand, quick liquidations begin constructing above $0.0385 and stretch towards $0.041. If the asset rises by this zone, it may power shorts to shut, creating momentum for a sharper transfer upward. This leaves $0.036 as a key degree to defend and $0.0385 as the extent the place strain may shift towards quick sellers.

The submit PENGU Rockets Higher as Buy Signal Ignites Rally Buzz appeared first on CryptoPotato.

Similar Posts