Losing grip above the key level during correction, Pengu found support last week and recovered well above the level. It recently foots a fresh increase and now appears strongly bullish on the daily chart.
Top Solana-based tokens have been on the bulls’ watch again since the market started to recover last weekend. Although some altcoins are still struggling to rebound from their correction phase as Bitcoin continues to show signs of strength daily.
Today, Pengu is in the spotlight as it posted notable gains following a slight bounce this week. Market sentiments have changed and is now trading back above the key $0.01 level lost during the correction phase.
With the latest price actions, Pengu is stylishly signalling a new bullish move with a W-pattern as the price steadily increases on the daily chart. This potential bullish move may bring us back to May’s high before breaking to a new monthly high, although the buying volume is low.
Meanwhile, the market is still technically under a correction. If the price drops again, Pengu may correct lower to the $0.0076 level before rising back. But from the look of things, the bulls will take charge soon.
Pengu’s Key Levels to Watch
Looking at the bigger picture on the daily chart, Pengu’s bulls are trying to reclaim the $0.0172 resistance level. If they scale through it, $0.022 and $0.00 would be the next resistance levels to watch for a test.
In a case of more correction, the $0.0088 level is considered support for a breakdown. Retesting the broken $0.0076 resistance level as support could bring a rebound. The lower support level for a test is $0.00525.
Key Resistance Levels: $0.0172, $0.022, $0.03
Key Support Levels: $0.0088, $0.0076, $0.00525
- Price: $0.0118
- 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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