Leading the daily altcoins rally with a 45% surge in the last 24 hours, Pudgy appears highly bullish on the daily chart as it keeps recovering. While facing resistance, it may pull back before resuming buying.
The past week has been a major recovery period for Pengu as the price surged significantly to a new high for the first time in a month. Posting an insane gain during this period, it faces a key resistance of $0.014.
However, the buyers are still hopeful of a bigger recovery of their losses in the future, but they currently appear stalled due to low pressure. This suggests signs of weakness from the bulls’ side. Failure to sustain the pressure might result in a pullback.
Technically, this may trigger a setback in the market before climbing back. Rolling back to the bottom could fuel a huge loss if the price breaks lower. Should that happen, we can expect a strong bearish phase in the mid-term.
Meanwhile, it is important to note that the demand level is still high in intraday trading. A push above the mentioned key resistance should sustain the momentum for a while before fading into a pullback phase.
A full recovery to the top level could set the stage for a massive bullish run from a long-term perspective. Looking at the market, Pengu will likely initiate a pullback to create a new higher low pattern before rallying higher. As of now, it remains bullish on the daily chart.
PUDGY’s Key Levels to Watch
Looking ahead, $0.022, $0.03, and $0.047 are higher resistance levels to consider for a test if the bulls overcome the immediate $0.014 resistance.
If the price drops, the support levels to watch for a retest are $0.0076 and $0.00525. A drop below these levels could roll us back to $ – the monthly low.
Key Resistance Levels: $0.022, $0.03, $0.047
Key Support Levels: $0.0076, $0.00525, $0.0037
- Price: $0.0135
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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