As new money flows into the crypto market this week, Pengu established support and posted gains after taking a short break in buying. Having formed a double-bottom pattern, it currently poises for a big rally daily.
The last three weeks’ trading have brought a little setback in Pengu’s recovery after posting over 300% gain in April. This came as a result of slight pullback across the market, although it recently found support and now looks ready for a big price movement on the daily timeframe.
However, buying volume appears low at the moment as it forms a new bullish pattern above the $0.01 level. A notable increase in the demand level should activate the anticipated upward movement on a daily scale.
If that happens, we can expect a major rally into the $0.04 range in no time. A rejection there could put the market in a slight pullback phase before resuming bullish at full speed. Breaking through the $0.7 level – tested last December – should skyrocket the price to a new high.
Meanwhile, Pengu’s recent bullish is majorly supported by $0.0037. If the price rolls back to this price level due to heavy supply, we can expect a significant price reduction with a potential breakdown. But from the look of things, bigger gains can be anticipated as the demand level rises.
Pengu’s Key Levels to Watch
Now that Pengu is gearing up for another rally, it must flip the $0.0117 resistance level before we can confirm a buy. Higher resistance levels to watch for a major rally are $0.022 and $0.03.
Aside from the monthly holding support of $0.01, the $0.012 level now provides support to the latest buy signal. If these levels fail due to sharp drops, the lower support levels to consider are $0.0076 and $0.00525.
Key Resistance Levels: $0.0172, $0.022, $0.03
Key Support Levels: $0.01, $0.0076, $0.00525
- Price: $0.0139
- 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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