Failing to break through last week’s high yesterday following the latest market fallout, Pengu lost buzz and slipped back into consolidation. It has formed a double-top on the hourly and now looks poise for a sell.
Having seen a significant recovery over the past few weeks, Pengu is considered one of the best-performing assets during the recent buying phase, with roughly 500% gains since the price bounced back in April.
However, its trading levels might change a bit to the downside again as it just signals a potential sell on the hourly chart. This signal came after failing to push above the previous weekly high yesterday. As we can see, it appears weak on the daily chart and seems poised for a drop.
Following a double-top formation on the hourly chart, it may provide a sizeable discount $0.01. A rebound there could bring the bulls back in actions. An expansion below this level should facilitate bigger discounts in the form of a major pullback towards the $0.005 level in no time.
After Virtuals Protocol, which is currently the best-performer during the recent altseasons following over 250% rallies in the last 30 days, Pengu is considered the next in terms of gain. It is still up by 190% monthly despite the current price drops.
Pengu’s Key Levels to Watch
A drop below the key $0.01 level, which stood as close support, could bring a retest at the $0.0076 support level that flipped (as resistance) in April. Below it lies the $0.00525 level in case of more dips.
Retaking the $0.0172 level that suppressed buying yesterday could allow a quick surge to the immediate resistance of $0.022 and perhaps $0.03. The next resistance to watch out for is $0.047.
Key Resistance Levels: $0.0172, $0.022, $0.03
Key Support Levels: $0.01, $0.0076, $0.00525
- Price: $0.0138
- 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.
No Comments